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Dogecoin (DOGE) Faces Test: Can It Hold and Bounce Back Stronger?
As we take a closer look at the current market trends, it’s essential to examine whether Dogecoin (DOGE) can hold its ground and potentially bounce back stronger. Let’s dive into the details.
The DOGE price has been experiencing an upward momentum lately, with the recent surge reaching as high as $0.4850. However, it seems like the bulls have hit a roadblock near this level, as the price is now facing significant resistance.
After failing to break through the $0.50 barrier, Dogecoin started a downtrend correction, briefly dropping below the crucial $0.4400 support level before recovering some of its losses and rebounding back above $0.380. This sudden pullback has raised eyebrows among crypto enthusiasts and analysts alike.
As we analyze the charts, it’s clear that DOGE is currently trading in a positive zone above the crucial $0.3380 support. However, if the price fails to stay above this level, we might see a more significant correction. In such a scenario, Dogecoin would be at risk of plummeting towards the $0.2550 and potentially even lower levels.
But before that, it’s essential to assess the current market dynamics and understand what could be driving these fluctuations.
Source: coinchapter.com
