6 hour ago
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Dogecoin Holds Above $0.128 Support, Analyst Suggests Potential Upside
Dogecoin (DOGE) is trading above a crucial support level at $0.128, which may determine its future price movement. Analysts suggest that maintaining this level could encourage long positions.
Key Points on Dogecoin's Price Movement
- A critical support level for Dogecoin is identified at $0.128.
- If Dogecoin holds above this level, it could signal stability and attract long-term investors.
- Crypto analyst Crypto Tony highlights the importance of reclaiming $0.128 for bullish setups.
- The current price trends show signs of stabilization after recent declines.
- Visual projections indicate potential consolidation between $0.128 and $0.130, with a possible breakout to $0.135, marking a 2.2% increase from the current price of $0.132.
Long-Term Outlook
- Analyst Cantonese Cat suggests Dogecoin is in a prolonged corrective phase, possibly indicating a Wave 2 correction.
- This phase precedes an anticipated explosive Wave 3, which could drive prices to new highs.
- Despite skepticism due to recent bearish trends, the potential for upward movement remains.
- Current interactions with Fibonacci retracement levels align with a long-term downtrend.
