DOGE price experienced a noticeable dip on September 10th, breaking through a pivotal support trendline. Historically, this ascending trendline supported the coin’s recovery phase, making its breach a significant signal of a potential continued decline. However, recent buying pressures in the broader market seem to have derailed this trajectory, as DOGE turned sideways, nullifying its earlier breakdown. Can this trigger a fresh rally?
Also Read: What Next For Top Cryptos – Dogecoin, XRP, And Pomerdoge In 2023?
The newfound support at $0.06 coupled with the broader market’s bullish sentiment, has led to a modest 5% recovery over the past week. Impressively, this bounce-back has nullified the bearish implications of the September 10th dip, highlighting the diminishing strength of the bearish trend.
The current upswing is expected to rise another 3% gain from current levels of $0.062 which would position the Dogecoin price against a downward-sloping resistance line. This trendline has historically halted the meme coin’s bullish endeavors on three distinct occasions, reflecting its significance.
If the bear manages to establish dominance at the overhead trendline, especially around the $0.064 price level, we could expect the memecoin price to face renewed selling pressure. Under such circumstances, a potential decline of 11-12% could be anticipated, propelling coin prices towards the $0.057 region.
A look at the last three months’ price action shows the Shiba Inu price (currently trading at $0.00000761) is witnessing a steeper correction in comparison to the DOGE price since the latter part of August. This suggests that Dogecoin has demonstrated greater resilience during the recent market fluctuations.
Moreover, this coin price wobbling close to a yearly support trendline indicates a better potential for a rebound.
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