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Dogecoin (DOGE) has been showcasing remarkable strength lately, defying the odds in a market beset by turbulence and uncertainty. Despite the bears’ relentless efforts to suppress it, DOGE has managed to maintain its upward trajectory, much to the delight of investors who have been following the meme coin’s performance closely.
However, as we delve deeper into the technicals, it becomes increasingly apparent that DOGE is poised for a correction. The failure to secure and maintain momentum above $0.4 has left many questioning whether this upward trend can be sustained in the long run.
One of the primary concerns stems from the fact that not all indicators have flipped bullish. This lack of synchronicity between technicals signals may signal a bigger correction, one that could wipe out recent gains if DOGE fails to hold its ground within the pivotal range.
Additionally, the price action seen on the 50-day moving average (MA) presents another area of concern. The inability to defend this crucial support has left many speculating whether we will see a breakdown or consolidation in the coming days.
Furthermore, despite the whales’ unwavering faith in DOGE, the recent drop in volume has hindered any significant progress. This lack of conviction in the market’s participation could ultimately undermine the credibility of this upward trend.
Despite these concerns, there remains a glimmer of hope for investors who have been following DOGE closely. A decisive breakout above $0.4 would likely validate the 2024 highs and potentially even new ATHs at $1.
In light of this information, it becomes increasingly important to closely monitor market developments in the coming hours. Any confirmation that DOGE has broken through this critical resistance could pave the way for a robust ascending trend, one that could propel the meme coin to previously unimaginable heights.
It is crucial at this juncture to maintain a nuanced perspective and not jump to conclusions based solely on short-term fluctuations.
Source: coinpedia.org
