Dogecoin

Resistance

when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/dogecoin-faces-ongoing-price-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogecoin Faces Ongoing Price Drop</a><br></p>
<p style="text-align: justify">Dogecoin (<a href="https://en.bitcoinhaber.net/dogecoin-struggles-with-market-dynamics-despite-user-growth-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">DOGE</a>) has experienced a consistent decline in its price, falling below the $0.12 mark over the past week, which has generated apprehension among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> of the popular meme coin. This downward trend is attributed to significant selling pressure at the current price level, which has compounded the concerns of market participants.</p>
<h2 id="what-are-dogecoin-s-resistance-levels">What Are Dogecoin’s Resistance Levels?</h2>
<p style="text-align: justify">In the last seven days, DOGE has declined by 13.67%, heightening investor unease. Market data from IntoTheBlock reflects a similar trend, indicating that the In/Out of the Money Around Price (IOMAP) metric suggests potential selling pressure at approximately $0.11. This <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> that the more wallet addresses active within a specific price range, the stronger the support or resistance at that level.</p>
<p style="text-align: justify">Currently, 1.49 billion DOGE coins were bought by 17,960 addresses around the $0.11 range, potentially offering some support against further drops. On the resistance side, around 2.74 billion coins valued at $300 million are held by 40,200 addresses, creating a significant barrier to price recovery. If this resistance isn’t breached, DOGE may drop further to support levels between $0.10 and $0.09.</p>
<h2 id="will-dogecoin-s-price-increase">Will Dogecoin’s Price Increase?</h2>
<p style="text-align: justify">An analysis of the daily chart reveals that DOGE’s recent price decline began on July 27, when it reached above $0.13. This decline marks a 17.55% drop over the period. Examining the Exponential Moving Average (EMA), which highlights the trend direction over a specified timeframe, the 50 EMA (yellow) currently lies above the 20 EMA (blue), suggesting a continued downward trend.</p>
<p style="text-align: justify">Should this trend persist, DOGE might find buyers around the $0.11 level. Conversely, ongoing selling pressure could push the price down to $0.09. A potential golden cross formation, however, could reverse this downtrend, leading to a price rise back to $0.12 or $0.13.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify;font-weight:bold">Investor Insights:</p>
<ul>
 <li>Monitor support levels at $0.11 closely for potential buying opportunities.</li>
 <li>Pay attention to resistance around $0.12-$0.13 which could impede recovery.</li>
 <li>A golden cross formation might signal a trend reversal.</li>
 <li>Selling pressure could push prices further down to $0.09.</li>
</ul>
<p style="text-align: justify">In conclusion, the downward trajectory of Dogecoin remains a significant concern for investors. Market indicators suggest that unless DOGE breaches current resistance levels, it may continue to face price declines. Key support and resistance levels will play a crucial role in determining the coin’s next movements.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/dogecoin-faces-ongoing-price-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Dogecoin Faces Ongoing Price Drop</a></h5>

Dogecoin Faces Ongoing Price Drop

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