Dogecoin at a Crossroads: Bulls and Bears Battle Over Key Support
Dogecoin finds itself at a critical juncture, struggling to maintain a vital support level following a recent market pullback. The popular meme coin's price action is under intense scrutiny, with analysts offering conflicting outlooks on whether it can stage a recovery or if further declines are imminent, especially as key technical patterns indicate a potential for significant price swings.
Analysts Warn of Further Downside Amid Weak Signals
The cryptocurrency recently experienced a 4.2% intraday decline from its $0.126 mark, continuing a downtrend that has seen it retrace over 50% from its early October highs. Analyst More Crypto Online describes Dogecoin as a "falling knife," suggesting its corrective move is not yet complete and forecasting a possible 20% drop towards $0.096 and potentially even $0.08. This bearish sentiment is reinforced by Crypto Jobs, who observes a lack of bullish reversal structure and weak buying volume. According to this analysis, bears are likely to retain control as long as Dogecoin's price remains below the $0.14-$0.15 resistance zone, with a potential slide to $0.100-$0.095 appearing realistic.
Technical Breakdown Fuels Uncertainty for Meme Coin's Near Future
Conversely, market watcher BitGuru presents a more optimistic view, asserting that Dogecoin's deep correction has concluded. He identifies the $0.120-$0.130 range as a major demand zone, predicting a recovery rally towards $0.18 resistance if current levels hold. However, technical trader TardiGrade highlights a more immediate concern: Dogecoin’s price has already hit the target of a previous symmetrical triangle breakdown and is now forming another on the H4 chart. This new pattern suggests an impending 15% move in either a bullish or bearish direction. Following Friday's pullback, Dogecoin breached the lower boundary of this pattern, signaling a possible drop to the $0.10-$0.11 area unless a swift bounce occurs. As of this report, Dogecoin trades at $0.122, reflecting a 7.3% decline over the past week.
