Dogecoin price has been in the spotlight ever since Elon Musk completed the Twitter acquisition & further hinted at accepting DOGE payments on Twitter. DOGE’s price surged remarkably, slicing through the crucial resistance at $0.1 to reach $0.1585. While the DogeArmy is looking forward to another leg up, the possibility of a huge pullback appears to be imminent.
The DOGE trade was set up within an ascending triangle for quite a long time, but the recent plunge has dragged the price below the trend line. The bears currently hold a strong grip over the rally, which could be further fueled by the upcoming FOMC meeting.
As speculated by a popular analyst, Micheal van de Poppe, the DOGE price may plunge hard to reach $0.11 soon.
The analyst highlights the levels for the DOGE price as,
- $0.15 → short region scalp
- $0.13 → Long scalps
- $0.11 → Region bounce long area
- $0.085 → swing longs
The price underwent a significant upswing to reach the short region scalp area that further compelled the price to drain. The plunge dragged the price towards the long scalp area. Meanwhile, the levels appear to have held significantly, but if the descending trend continues ahead, then these levels could be breached to test the bounce area at around $0.11.
Hence, the upcoming couple of hours could be extremely crucial for the Dogecoin (DOGE) price as an extended bearish trend may eventually add up the zero, which it struggled hard to eliminate.
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Source: https://coinpedia.org/price-analysis/dogecoin-rally-to-be-halted-as-fomc-may-drive-the-doge-price-to-0-11-soon/