3 hours ago
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Dogecoin Analyst Highlights $0.11–$0.12 as Key Risk/Reward Zone
Crypto analyst Matt Hughes highlighted the $0.11–$0.12 range as a strong risk/reward zone for Dogecoin, citing a well-defined support level on the weekly DOGE/USDT chart.
- The $0.11–$0.12 area is identified as a multi-year support level, crucial for traders seeking a nearby invalidation point.
- A Gann Square overlay indicates a confluence of a demand zone and a long-term uptrend line, offering a tight risk reference.
- Resistance levels are marked at $0.23, $0.35, $0.46, and $0.58–$0.60.
- If the $0.11–$0.12 zone fails, lower support is expected in the $0.05–$0.07 region.
Hughes believes this setup offers favorable risk/reward, despite criticism from other traders like Cheds Trading, who suggest looking for better charts. Hughes maintains that defined downside makes this zone attractive.
MerlijnTrader supports the sentiment that altcoin rotations begin when market positioning is defensive. The debate focuses on whether Dogecoin's current support will hold or if a reassessment of lower levels is needed.
At the time of reporting, DOGE was trading at $0.1232.
