The price of Dogecoin may experience a rebound as it approaches a critical support level. The downtrend since mid-December has caused a significant decline, but it is now close to the key support at $0.16. This level aligns with a multi-year ascending channel and a Fibonacci retracement level, indicating a potential strong rebound if it holds. The optimism for a rebound is further supported by increased buying activity from whales on the network and a surge in the number of active addresses on the Dogecoin network. However, clarity in current geopolitical conditions may be necessary for a sustained recovery in the cryptocurrency market.



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