Dogecoin Holds Critical Support Level as Market Faces Selling Pressure
Dogecoin is currently trading around a critical demand zone amid renewed selling pressure in the crypto market. Key points include:
- Dogecoin down approximately 66% from its multi-year high near $0.48.
- Current price action hovers just above the lower boundary of a long-term bullish channel.
- Crypto analyst Ali Martinez indicates that maintaining support above $0.15 is crucial for bulls.
- A spike in demand at this level could lead to a rally towards the mid or upper range of the channel, potentially offering relief for holders.
- Market conditions are characterized by rising interest rates and geopolitical instability, increasing risks for speculative assets like Dogecoin.
- If DOGE fails to hold the $0.15 support, it may trigger further downside and panic selling.
- A bounce from current levels could push prices toward the $0.20-$0.25 range.
