Dogecoin (DOGE) Bullish Run Ended Abruptly: Reasons

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Dogecoin (DOGE) Bullish Run Ended Abruptly: Reasons
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Doge­coin has recent­ly shown a dynam­ic that you are more like­ly to see on small­er meme coins. After an aston­ish­ing ascent, the price of Doge­coin has encoun­tered severe resis­tance, lead­ing to a notable rever­sal. This cor­rec­tion, amount­ing to about 13%, may be sig­nal­ing the start of a sub­stan­tial down­turn that could erase some of the stag­ger­ing gains made just days ago.

A tech­ni­cal analy­sis of Dogecoin’s price move­ment reveals that after the ral­ly, the cur­ren­cy has hit a robust resis­tance lev­el, prompt­ing the price to back­track sig­nif­i­cant­ly. This resis­tance lev­el, once a point of con­sol­i­da­tion, has now become a bar­ri­er the meme coin strug­gles to breach.

DogecoinUSDT
Dogecoin/USDT Chart by TradingView

After a peri­od of inten­sive buy­ing, the mar­ket has begun to show signs of hes­i­ta­tion, result­ing in a pull­back. The sup­port lev­els to watch in the imme­di­ate term are around the $0.0881 and $0.0796 marks. A sus­tained drop below these lev­els could indi­cate the begin­ning of a deep­er cor­rec­tion, poten­tial­ly trig­ger­ing a bear­ish phase for Dogecoin.

Look­ing for­ward to the fore­see­able future, if the sup­port lev­els fail to hold, we could wit­ness an extend­ed peri­od of cor­rec­tion. The meme coin’s price would then like­ly seek low­er lev­els of his­tor­i­cal sup­port, retrac­ing its steps back down to $0.11.

On the bull­ish side, if Doge­coin man­ages to sta­bi­lize and main­tain its sup­port lev­els, the cur­ren­cy could con­sol­i­date and pre­pare for anoth­er attempt to breach the resis­tance. This would require a resur­gence in buy­ing pres­sure, pos­si­bly spurred by pos­i­tive news or renewed inter­est from high-pro­file fig­ures or social platforms.

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