Last Updated on September 17, 2023 by Bitfinsider
On September 10th, the price of DOGE took a dramatic decline and broke through a key support trendline. This coin’s recovery phase was historically supported by this rising trendline, therefore its breach represents a serious indication of a possible continuation of the decline. But it appears that recent purchasing pressure in the overall market has thrown off this trajectory, as DOGE reversed sideways, cancelling out its previous fall.
The market as a whole is feeling positive, and the newly established support at $0.06 has helped to fuel a slight 5% recovery over the last week. Remarkably, this reversal has neutralised the negative consequences of the September 10th decline, emphasising the weakening of the negative trend.
The price of Dogecoin is predicted to face a downward-sloping resistance line if the present upswing continues, rising an additional 3% from current levels of $0.062. This trendline is significant because it has already stopped the meme coin’s bullish attempts three times.
We may see more selling pressure on the memecoin price if the bear is able to take control of the overhead trendline, particularly near the $0.064 price level. In those conditions, an 11–12% drop in price is possible, which would push coin values into the $0.057 range.
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