by Rubab Fatima
Dogecoin fell 10% below important price points and recovered its prior gains in a single crash. The overall meme coin market stays weak and makes it tough for Dogecoin to grow again.
DOGE failed to reverse recent losses starting from late January so it continually dropped lower without reaching its old peak values. Strong selling activity keeps stopping any major price growth attempts as investors stand ready to capitalize on opportunities.
DOGE Exits Descending Triangle, Retests Key Breakout Zone
Experts believe that although the market remains down there exists chances of long-term market recovery. Crypto expert Carl Runefelt performed an analysis of X and reported that DOGE has exited its prolonged descending triangle pattern and is reassessing this formation.
A past rise from this level led to impressive profitability if the market continued increasing in value after this breakout. When Dogecoin stays above its important breaking point it may push prices upward and break the current bear market trend.
The price of DOGE can still drop deeper into the buy zone if it does not stay above its current support level. Traders will now carefully follow price changes to understand whether the breakout succeeded or if a new sell-off will occur.
As Dogecoin approaches its resistance level it has to overcome to grow in value while staying away from price drops. Bulls push back to the levels they lost to test if momentum will create a new bull market but cannot predict this trend right now.
The meme coin market frequently faces selling pressure and Dogecoin struggles to attract enough buyers despite multiple attempts to break out. Investors closely monitor price movements but the bulls lack enough buying power to push DOGE higher.
Runefelt confirms the DOGE upward breakout out of its long-term falling wedge still continues with this significant testing phase. Breakouts with the same structure have produced dramatic price changes upon successful validation. The analyst predicts DOGE will hit $0.434 in short weeks once it defends its breakout level.
Dogecoin’s Price Growth Depends on Bitcoin’s Next Move
The entire crypto market shows uncertainty mainly because Bitcoin price remains below $100K. The market for meme coins, including Dogecoin, generally follows what Bitcoin does as Bitcoin sets trends for the crypto industry as a whole. When Bitcoin regains its significant resistance areas Dogecoin will accelerate its price growth. Bitcoin’s movement uncertainty during this period could reduce how far Dogecoin rises.
During the last days Dogecoin surged 33% in value and trades at $0.21. Bulls took dominance and pushed the price through essential resistance points. DOGE needs to maintain its position above $0.20 to keep up its recent price growth.
If bulls regain control of $0.255 soon Dogecoin will likely rise to start a major recovery period. Higher market gains would validate buy signals by pushing DOGE toward new resistance levels.
The market shows extreme price swings even when compared to usual market volatility. When the $0.20 support breaks lower Dogecoin will lose its gains and may drop by 15% towards lower buying areas. Both traders and investors monitor Bitcoin price movements because large BTC sales impact the value of DOGE and other meme coins.
The present trend favors DOGE supporters who need to keep defending essential price points for their success. The market direction Dogecoin takes now determines its upcoming price performance.
#blockchain #crypto, #decentralized, #distributed, #ledger
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