CandleFocus Dogecoin Price’s Rally to 7-Month High at Risk as Sell Pressure Rises
2024-11-09
Author: Content Editor
Dogecoin (DOGE) has experienced a significant uptrend, with its price rising from $0.108 to $0.209 in the past month. However, DOGE may face challenges in surpassing key resistance levels. Approximately 40% of Dogecoin participants are currently in profit, which historically has led to profit-taking and downward pressure on price. Additionally, Dogecoin's Relative Strength Index (RSI) suggests caution as it is in the overbought zone. While Dogecoin's price has increased by 8.5% in the past 24 hours, it must breach the critical resistance level of $0.220 for further gains. If it fails, it could potentially pull back to $0.176. On the other hand, if it sustains its current momentum, it could rise towards $0.300.
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