The cryptocurrency market is experiencing a notable correction, with Dogecoin (DOGE) among the leading decliners as per recent CoinMarketCap data.
This downward movement reflects broader market sentiment shifts, highlighting key resistance and support levels that traders are closely monitoring.
According to COINOTAG, “DOGE’s failure to maintain above $0.27 signals potential further downside, emphasizing the importance of the $0.25 support zone.”
Dogecoin faces a significant correction, dropping below key resistance levels and testing critical support amid a broader crypto market pullback.
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The cryptocurrency market correction has placed Dogecoin (DOGE) under pressure, with the token declining by approximately 4.78% in recent trading sessions. This movement follows a failed attempt to sustain gains above the $0.2749 resistance level, signaling a shift in momentum. Traders observing the hourly charts note that if buyers do not regain control swiftly, a break below the immediate support could trigger further declines toward the $0.25 price point. This level is critical as it has historically acted as a strong support zone, and a breach could open the door to additional selling pressure.
On a longer time frame, Dogecoin’s price action reveals a false breakout above the $0.2783 mark, which has since reversed, confirming the bearish sentiment. The closing of candles near their lows on daily charts typically indicates sustained selling interest. If this pattern continues, the correction may extend to the $0.24-$0.25 range in the near term. Midterm analysis corroborates this outlook, with weekly bars showing potential for renewed bearish momentum if prices fail to close above key resistance levels. Market participants should watch these technical signals closely to gauge the strength of the ongoing correction.
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Source: https://en.coinotag.com/doge-faces-potential-further-correction-amid-ongoing-market-downturn/