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Click to follow the daily password 👇No barriers and no fees Negative market sentiment spread quickly, causing the price of Dogecoin to fluctuate around 0.2. It is now in a very dangerous situation, and the decline may worsen. I originally hoped that there would be forces pushing for price increases to help it, but the current trading volume has dropped significantly, and this road is obviously difficult to follow. In addition, the resistance near 0.21 is also a big problem. Even if there is a rebound, there is a high probability that it will be stuck here. So what will happen if the price of Dogecoin falls below 0.218? Cryptocurrency analyst Diana Sanchez mentioned that Dogecoin has the potential to rise and its recent performance has been relatively strong, which is related to the market fluctuations after the Federal Reserve FOMC meeting. But for now, it's still stuck at a key resistance level. Analysts first mentioned that despite the many difficulties Dogecoin currently faces, its price has actually increased by more than 43%. This makes it one of the best-performing cryptocurrencies among the top-ranked cryptocurrencies by market capitalization, and its upward momentum may turn it back into a bull market. But the biggest problem now is the price of 0.218, where Kuntou is setting up defenses. At present, the support level of 0.2 can still be maintained, which has become the most concerned point of Xiantou. They want to rely on this to continue to push the price upward. The cryptocurrency analyst explained that the key is whether it can break through the resistance level of 0.218 at the moment. If it can break through, the price of Dogecoin will most likely continue to rise. Analysts said that in this way, the goal of Dogecoin rising to 0.5 is no longer out of reach.  Source:X The price chart of Dogecoin looks to be trending upward, but daily trading volume has been declining, which will definitely affect its recovery. You should know that at the beginning of October, its daily trading volume reached more than 20 billion, and then slowly dropped. But since then, Dogecoin’s daily trading volume has been declining. As of the time of writing this, according to data from the Coinglass website, its average daily trading volume has dropped to 5 billion. Therefore, unless the trading volume can increase significantly, even if the price breaks through, there may not be enough power to support it. This means that the price is likely to fall again soon and there will be a correction.  Image source: TradingView |
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