Dogecoin (DOGE) Faces Selling Pressure, Will $0.1 Support Hold?
Release: 2024/07/26 04:34 Reading: 683
Leading Meme Coins Experience Price Decline
Leading meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) have faced a 5-6% drop in value over the past 24 hours.
Dogecoin Price Analysis
Dogecoin price surged from $0.915 support, gaining 57% before encountering resistance at $0.143. A 13% retracement followed, bringing the price to $0.124.
Sustained selling could lead to a retest of $0.1 psychological support.
Market Context
The recent market correction is seen as a temporary pullback, allowing for a buildup of bullish momentum. However, meme coins are facing significant selling pressure.
Investor Considerations
Investors weigh options between selling or holding for a potential rebound.
Dogecoin Technical Analysis
Dogecoin's rebound from $0.915 support demonstrates its resilience. It tested the $0.143 resistance but retraced due to market sell-off.
The falling wedge pattern suggests a potential downtrend extension, with sellers in control.
If selling continues, DOGE may decline over 20%, retesting $0.1 support.
However, the falling wedge pattern often signals a downtrend's maturity. Bullish investors may attempt to defend the $0.1 level and break the wedge's upper boundary.
A successful breakout from the wedge would indicate a trend reversal and potentially target the $0.228 peak.
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