๐ถ Dogecoin (DOGE) Trying to Break Free From 'Crab Market' ๐จ
The term "crab market" is not about seafood, despite how it sounds; it ia a term for a market that moves sideways, lacking any clear direction. Dogecoin seems to be stuck in this sideways movement, but recent price action suggests a potential escape route.
In the last few hours, Dogecoin has seen an unexpected price surge, currently sitting at $0.064. This uptick brings it tantalizingly close to its 21-day Exponential Moving Average (EMA), a key resistance level. On Aug. 30, Dogecoin made a similar attempt to break this level but fell short.
The 21-day EMA serves as a litmus test for Dogecoin's immediate future. If the coin manages to break this level, it could signal the end of its crab-like sideways scuttle and the beginning of a more decisive move. However, breaking free from a crab market is not just about hitting certain price levels, it is also about trading volume. Right now, the trading volume for Dogecoin is moderate, which means the coin is still in the danger zone.
A surge in trading volume is often the catalyst needed for a coin to break free from a crab market. Without this surge, even if Dogecoin breaks the 21-day EMA, it could easily slide back into sideways movement.
