Dogecoin Near Make-or-Break Zone After Bitcoin Slide

Dogecoin has fallen 5.5% to $0.1730, breaking below critical support levels amid significant selling pressure. The price movement indicates a bearish trend, with traders focused on whether the $0.17 support level can hold. This decline occurred during European trading hours and reflects a broader bearish sentiment in the market following Bitcoin's recent downturn. Technical analysis shows that Dogecoin is struggling to reclaim the $0.1789 resistance, leading to multiple retests of the $0.1719 support level, which appears fragile. Analysts note the significance of the weekly 200-EMA near $0.16, a crucial level that has held through multiple retests since summer. The immediate concern for traders is whether the $0.17 level can withstand further pressure, as failure could expose the price to the $0.1650–$0.1600 range, marking a critical junction for potential rebound or further decline.

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