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  The popular meme coin Dogecoin (DOGE) is going through both fire and ice! It plummeted 30% from the September high of $0.3066 to $0.198, and short-term holders were brutally wiped out. However, under the seemingly desperate market, reverse technical signals hid mysteries, and the legendary target of $1 is still possible for a comeback. Plunge, critical strike + death cross warning, Dogecoin’s life hangs on a thread This round of correction is ferocious. Dogecoin not only fell below the upward wedge structure that had been consolidating for many days, but there was also a fatal warning from the technical side - the 50-day moving average is accelerating towards the 200-day moving average, and a "death cross" is about to take shape. Analysts bluntly stated that this pattern has repeatedly predicted deep declines in history, and short-term risks should not be underestimated.  At present, the $0.19 mark has become the last fig leaf for bulls, and the key support level below is directly at $0.1515. Once it falls, it will face the dilemma of falling another 22%. A more extreme scenario is that if the price falls below $0.0570, a weekly bearish flag pattern will be triggered, and a 90% drop may send Dogecoin into the abyss. To make matters worse, institutional funding has always been insufficient. The recently launched Dogecoin ETF (DOGE ETF) has an asset size of only US$30.7 million, which is far inferior to similar products. The high expense ratio of 1.5% has even discouraged institutions. Weak institutional demand has become the biggest stumbling block to the market rebound. Survival from desperate situation! Long-term technical outlook shows signs of reversal Despite the short-term dark clouds looming over the city, Dogecoin's long-term technical structure has not collapsed. The ascending channel formed since 2021 is currently supporting prices to hover near the lower limit of the channel, a key area that has been the starting point for rebounds many times. What deserves more attention is that the stochastic RSI indicator has fallen to a historical low, which is highly consistent with the values on the eve of previous rounds of major rebounds. The rebound momentum is secretly accumulating in an oversold state. Although momentum indicators such as MACD and MFI show that short-term selling is dominant, the market law of "everything must reverse" has caused many traders to keep a close eye on bargain hunting opportunities. Analysts clearly pointed out that Dogecoin's comeback path is clearly visible: it must first hold on to the support of $0.19, and then break through the "supply wall" of $0.21 - a key resistance level formed due to large-scale accumulation in the early stage. Every time it is touched, it is accompanied by huge selling pressure. Only a large-scale breakthrough can reverse the decline. Once it stands at US$0.21, it will subsequently attack US$0.30. If this barrier is broken, the upside space from US$0.50 to US$1 will be completely opened. Outlook: Short-term sideways or downward trend, the real picture will only be seen if it breaks through $0.30 The market is generally cautiously optimistic about the current market situation. In the short term, if there is a lack of new buying momentum, Dogecoin is likely to continue to trade sideways or slightly downward, and the $0.19-$0.21 range will become the main battlefield for the long-short game. But in the long term, as long as the upward channel support is effective, the reversal fire will not go out. To achieve the $1 target, three major conditions must be met: key support levels are held, trading volume increases significantly, and market sentiment changes from panic to optimism. For short-term traders, they need to focus on whether the closing price can stabilize at $0.30 in a higher time frame and whether there is an explosive growth in intraday trading volume - these two major signals will be the core basis for confirming the start of the rebound. Is Dogecoin falling into the abyss or making a comeback? The battle to defend the support of US$0.19 has entered a fierce stage. Once the situation becomes clear, it may trigger a new round of violent fluctuations. Whether the legend of US$1 can continue to be written, the answer will be revealed soon. If you have been stumbling around in the currency circle and can't find your direction! In other words, you have been losing money! You can follow me! 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. Welcome to private message me to join us→ → → Scan the QR code to join the community👇No threshold and no fees  If you can’t add it via WeChat above, you can contact the author on the homepage! Penguin (QQ): 3965317191  |
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