Dogecoin Retraces 30% to $0.3, Key Support Level Established
Dogecoin has been on a corrective path for over a month, trading just above $0.3 after retracing approximately 30% from its recent peak of $0.48 in early December.
Key Points
- The $0.3 price level is identified as a significant support zone based on historical data.
- This zone may serve as a potential bottom and launch point for a bullish wave if market conditions, particularly Bitcoin's performance, align.
- Whale transactions for Dogecoin surged by over 400%, indicating increased interest at current price levels.
- Large transaction volume reached over $60.9 billion within a 24-hour period.
- As of now, Dogecoin trades at $0.3328, down 1.4% in the last 24 hours.
- Monitoring the $0.3 level is critical; successful defense could lead to a renewed rally.
- Setting stop losses below $0.3 is advised to mitigate risks in case of a deeper correction.
