• 30 May, 2024
Markets News

Can Dogecoin Sustain the Bullish Momentum? Key Levels to Watch

In a recent analysis, crypto analyst Crypto Tony (@CryptoTony__) pinpointed crucial price levels for Dogecoin (DOGE) amidst its current market activities. According to the update, Dogecoin needs to maintain $0.148 to sustain bullish momentum. Failure to hold might drive the price down to $0.106.

According to Tony’s chart analysis, the technical landscape for Dogecoin suggests a significant shift. The crypto asset has successfully broken above a persevering downtrend line, which indicates a potential trend reversal from bearish to bullish sentiments. Following the breakout, Dogecoin exhibited strong bullish momentum, marked by substantial green candles, suggesting robust buying pressure.

However, the ascent saw a pause when Dogecoin reached a peak and then experienced a slight pullback, typical of a healthy market retracement. This movement tests the new support levels formed after the recent gains.

Currently, Dogecoin trades at $0.144519, showing a decline of 3.54% over the last 24 hours, as per CoinMarketCap. This recent retracement touches upon the previous resistance level, which has now turned support. This level is crucial; holding above it might signal the start of a new bullish phase with the potential for further upside. Conversely, a dip below this support could indicate a false breakout, heralding a return to previous downtrends for the memecoin.

Additionally, traders are watching the consolidation phase closely. Dogecoin may hover between the newly established support and resistance levels before deciding its next directional move.

These developments are critical for investors and traders as they provide insights into Dogecoin’s potential movements and reflect broader market sentiments. Moreover, understanding these technical indicators can guide trading strategies in the highly volatile crypto market.

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