Investing & Markets

Dogecoin Facing Downward Pressure: What's Next for DOGE Price?

Dogecoin Facing Downward Pressure: What's Next for DOGE Price?

Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is once again experiencing significant downward pressure, initiating a fresh decline below the crucial $0.250 mark against the US Dollar. This recent slump mirrors broader trends observed in major cryptocurrencies like Bitcoin and Ethereum, suggesting a generalized cautious sentiment pervading the digital asset market. Currently, DOGE appears to be in a consolidation phase, which could precede further losses if it fails to reclaim key resistance levels. Dogecoin Price Turns Red Again The journey downwards began after DOGE failed to maintain its position above $0.2550, subsequently breaking through the $0.250 and $0.2450 support thresholds. This trajectory led the price to dip even further, eventually finding a temporary floor near $0.230. Following this low, there was a modest attempt at a recovery wave, pushing the price briefly above the 23.6% Fibonacci retracement level. This particular retracement level is calculated from th…

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