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VX: KP92877 QQ: 3908306664 There is no charge to enter the community, no exchanges, no recommended links As of press time, Dogecoin (DOGE) has fallen by nearly 8% in the past 24 hours, and market sentiment has become increasingly bearish. DOGE has been on a downhill slide since hitting $0.30, with more than 75 altcoins outperforming it during this period. Judging from the current trend, Dogecoin may fall all the way to around $0.07.  Possibility of Dogecoin falling to $0.07 Judging from the realized price distribution of UTXO, the most critical position of DOGE is $0.18. This point is the key watershed. If the price cannot support US$0.18, the probability of falling to US$0.07 is quite high. The $0.07 area is actually the area where DOGE last experienced major fluctuations. About 28.28 billion Dogecoins are concentrated here, accounting for almost 18% of the total. This means that this area may become the next important buying area.  If it falls below $0.18, Dogecoin is likely to fall into a downward spiral. However, there are still some small areas that could allow the price to rebound briefly before reaching $0.07. We will look at the following areas of concern and price trend analysis in detail. Dogecoin faces resistance Judging from the chart, DOGE is currently under heavy selling pressure, and has fallen below the clouds of the Ichimoku equilibrium chart on the 4-hour chart. The momentum on the K-line shows that seller liquidity is quite sufficient. Looking at short-term price targets, $0.1688 is likely to be the next support point, which is a short-term prediction. To return to the bull market, Dogecoin must break through the resistance on the Ichimoku chart, otherwise the bears will continue to control the market and the price may fall back to the level of the same period last year, about $0.15. You know, the price of DOGE started to slowly rise from around there, and once reached close to $0.50.  However, the good news is that the chart shows that the price will not drop directly to $0.07 due to existing structural support levels. In addition, data also shows that derivatives traders have begun to go long on this type of memecoin, which also shows that the probability of falling to $0.07 is actually overestimated. Bear market sentiment remains strong The bear market atmosphere has not abated at all, and spot traders continue to sell coins. The Spot Taker CVD Index shows that sellers have been controlling volumes since late September. At the same time, market sentiment indicators are also very sluggish, and both ordinary retail investors and smart investors are biased towards bearishness. These two indicators read -0.31 and -0.24 respectively, indicating that informed investors believe that Dogecoin is more likely to continue falling.  Overall, the price of Dogecoin may continue to decline in the short term, but as long as the bear market does not last particularly long, the possibility of falling to $0.07 is actually unlikely. If the entire crypto market begins to pick up, DOGE will also have the opportunity to rush up again, the cloud resistance level of the Ichimoku equilibrium chart can be broken through, and there will be hope for the bull market to return. That’s it for today’s article. We are currently in a bull market and the situation is turbulent. We share passwords every day. If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Let us embrace the bull market, improve our winning rate, and say goodbye to high positions. Scan the QR code below to join us VX：KP92877  If you can’t add it via WeChat above, you can contact the author on the homepage! Prevent loss of contact QQ: 3908306664  |
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