Dogecoin Shows Potential for Rally as It Holds Above Key Support Level
Dogecoin (DOGE) has experienced a 29% decline since its peak on January 18, currently trading around $0.32. The coin faces selling pressure amid broader market uncertainty, but key demand levels may support a potential reversal.
Key points:
- Technical analysis indicates DOGE is consolidating above the 1-day support level and the 100 EMA.
- Maintaining support at current levels could trigger a fresh rally, with resistance levels closely monitored.
- Scient highlights lower support at $0.262, coinciding with the 1-day 200 EMA, as an accumulation opportunity.
- If DOGE holds above $0.30, it may aim to reclaim $0.35; failure to do so could lead to further declines towards $0.25.
The coming days are critical as investors watch whether DOGE can hold above key demand levels or face additional downward pressure.
