Despite a positive market recovery and decreased selling activity from DOGE traders, Dogecoin has failed to break out of its trading range. It has been trading within a horizontal channel since August 4, with resistance at $0.11 and support at $0.09. Last weekend, DOGE attempted to break above resistance for the third time in seven weeks but faced increased selling pressure. While DOGE whales have been accumulating, retail traders have been selling off their holdings, which could slow DOGE's upward momentum. The market sentiment for DOGE remains negative, hindering a clear uptrend. If sentiment improves and retail selling reduces, DOGE could break above $0.11 and potentially reach $0.13. However, if sentiment worsens and retail selling continues, DOGE's price may remain within the horizontal channel or drop toward $0.08.
- Content Editor ( beincrypto.com )
- 2024-09-23
Dogecoin (DOGE) Rally Toward $0.13 Hits Another Setback