CandleFocus Dogecoin (DOGE) Price at Risk of Correction Amid Rising Selling Pressure
2024-11-26
Author: Content Editor
The price of Dogecoin (DOGE) has reached its highest level this year but has since entered a correction phase, dropping 12% in the last 24 hours. Technical indicators such as the Ichimoku Cloud, DMI, and EMA suggest a growing bearish trend, with DOGE trading below critical levels and showing signs of weakening upward pressure. If the downtrend continues, DOGE could test support at $0.34, with a potential drop to $0.14 if selling pressure intensifies. However, a recovery could see DOGE challenging resistances at $0.43 and $0.48, potentially aiming for the key milestone of $0.50. The Ichimoku Cloud chart indicates a bearish outlook, while the DMI chart highlights dominant bearish forces. The EMA lines also suggest a shift in market sentiment from bullish to bearish. Overall, unless a strong recovery occurs, the bears are likely to remain in control of DOGE price.
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