CandleFocus Dogecoin (DOGE) Drops 20% in 24 Hours, Risks Further Declines
2024-12-20
Author: Content Editor
The price of Dogecoin (DOGE) has seen a significant decrease after surpassing Porsche's market cap earlier in December. The price has corrected 20% in the last 24 hours and almost 30% in the past week, indicating strong bearish pressure. Technical indicators suggest further downside risks, and the Ichimoku Cloud chart shows a clear bearish trend. The DOGE DMI chart also shows significant bearish strength, with the downward trend dominating and sellers in control. If the current downtrend continues, DOGE price could fall to the next support level at $0.219. On the other hand, if positive momentum is regained, the price could target a recovery to $0.34 and potentially rise to $0.43. However, a shift in sentiment and increased buying pressure would be needed for such a recovery.
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