Apr 5, 2025
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Dogecoin Tests Critical Support Level Amid Ongoing Selling Pressure
Dogecoin is currently trading at $0.169, facing critical support levels after a prolonged selling period. Key points include:
- Down 65% from its peak of around $0.48.
- Struggling to break above $0.18 amid a bearish trend.
- Currently testing the $0.17 support level, which could dictate future price movements.
- Potential for a rebound if support holds; further losses if it breaks below.
Macroeconomic factors and geopolitical tensions are contributing to market instability, particularly affecting meme coins. Analyst Ali Martinez emphasizes that Dogecoin's behavior at this support zone is crucial for its short- and long-term trajectory.
Additional details:
- DOGE must hold above $0.169 and break through the $0.205 resistance for a recovery rally.
- If it falls below $0.16, it could drop swiftly under $0.15, worsening the bearish outlook.
- Overall sentiment in the crypto market remains fragile.
