In a volatile crypto market, Dogecoin (DOGE) is at a critical juncture. After a significant drop, it has approached an important support level, with selling pressure preventing the price from rising, hitting recent lows. Now, what everyone is most concerned about is whether Dogecoin can stabilize and rebound or continue to fall.
After consecutive declines in DOGE prices, the support level is crucial.
As of the time of writing, Dogecoin is at $0.136, down 11.28% in 24 hours, down 12.91% in a week, and down 28.94% in a month. Bulls lack confidence, and sellers are in control, but now that it has dropped to this level, the downward momentum has slowed, and it remains to be seen if the support level can hold.
The defense line has been breached, where to look next for Dogecoin?
From a weekly perspective, Dogecoin has already fallen through several key positions: first, it failed to hold the defense line around $0.20, and then it broke below the $0.17 mark. Now the trend is downward, and the area around $0.19 has become the new focus.
The subsequent trend depends on two directions: if the closing price falls below $0.13, it may drop to $0.02; if it can regain the $0.16-$0.19 range, it may stabilize.
Technical indicators also suggest caution: the RSI index is 37.72, below the middle line of 50, and still trending downward, with no signs of a rebound observed for now.
Analyst: After the crash, there may be a significant rise, with a DOGE target of $6.50.
Although analysts warn that it may fall further, many are optimistic about long-term opportunities. Trader Tardigrade pointed out that Dogecoin's latest monthly line has broken below its long-term upward trend line, a phenomenon that has occurred multiple times in history, usually indicating that the market is undergoing a structural transformation and may pave the way for significant future increases.
He referred to this round of decline as a 'confirmatory pullback' and believes it may open the so-called 'Dogecoin surge season'.
Based on cyclical analysis, Tardigrade gives a long-term target price of over $6.50. If it rebounds from the current level of around $0.1376, it needs to accumulate an increase of about 4624% to achieve that target, indicating significant upward potential.#加密市场回调
