Dogecoin is once again in the hot seat as the meme coin tests a multi-year trend line that dates back to the heady days of 2021. Both the daily and weekly charts underscore the significance of this zone, with the market hovering dangerously near a juncture that could determine whether the current price collapses by another quarter or stages a dramatic rebound. Dogecoin Could Plunge Further On the weekly chart, the trend line slants downward from the historically elevated levels near last cycle’s top and converges with the 0.786 Fibonacci retracement at around $0.167. Thus, Dogecoin finds itself on shaky ground as it slipped below the 0.786 Fibonacci level at $0.167 yet still clings to the multi-year trend line, which currently hovers around $0.157. DOGE’s ability to stay above the line may decide whether the market can avoid a renewed sell-off that could erase a quarter of its current value. Notably, DOGE is already down about 66% from its December peak above $0.48 last year, revealing just how tightly the bulls need to hold the line to avoid another wave of sell ..
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