Dogecoin has faced a 23% decline from its local highs, testing a crucial demand level as potential rallies are anticipated due to the Federal Reserve's interest rate cuts. October began with increased selling pressure, leaving investors seeking signs of strength in Dogecoin's price.
Top analyst Mister Crypto is optimistic, indicating that Dogecoin might embark on a bullish rally at any moment. His technical analysis points to key support levels and suggests the current price is a potential launchpad for significant upside movement.
Despite the dip, traders remain hopeful for a bullish phase. A recent breakout from a bullish triangle pattern on a 4D price chart suggests potential gains exceeding 100%. However, for this scenario to be confirmed, Dogecoin must close above the current demand level and hold support.
Dogecoin is trading at $0.106 after experiencing an 8% dip. It has lost key moving averages, placing it in a precarious position. For bullish momentum to return, DOGE must reclaim the $0.12 mark. Failure to recapture these levels could lead to further downside.
Analysts warn of a deeper correction if Dogecoin fails to stabilize, potentially pushing the price down to $0.08, a key support zone. The coming days are crucial for determining whether Dogecoin rebounds or faces further sell-offs.
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