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Dogecoin’s price has lost its momentum, struggling to maintain its bullish trend. After failing to sustain its upward trajectory, Dogecoin is now trading within a consolidation range. The question now is whether Dogecoin’s price can hold its support or if a crash is on the horizon. Dogecoin Price Faces Consolidation After a period of strong upward momentum, Dogecoin’s price has entered a phase of consolidation. Instead of continuing its uptrend, DOGE is now stuck in a range between $0.48 and $0.37. This consolidation shows that buyers are losing control, and sellers are gaining the upper hand. Consolidation is a natural part of market cycles, but it’s also a warning sign that the trend could be changing. Dogecoin’s inability to break above $0.48 and its repeated tests of the $0.37 support suggest that selling pressure is increasing. If $0.37 breaks, it could signal the start of a larger downtrend. Here’s why this matters: Sideways Movement: When a cryptocurrency trades sideways for an extended period, it often precedes a larger move — either up or down. Bearish Sentiment: Since Dogecoin is trading closer to the lower end of its range ($0.37), it signals that sellers are more active than buyers. Break of Key Moving Averages: Dogecoin’s price has fallen below its 21-day Simple Moving Average (SMA 21), which is typically a bearish signal for technical analysts. If Dogecoin’s price remains below the 21-day SMA, it’s likely to continue its downtrend. Traders are now focused on whether $0.37 can hold as support. DOGE/USD 4-hours chart – TradingView What Could Cause Dogecoin’s Price to Crash? There are several key factors that could push Dogecoin’s price even lower. Here’s a look at the most important ones: 1️⃣ Bitcoin’s Impact Bitcoin is the leader of the crypto market, and when Bitcoin struggles, it affects all other…

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Filed under: News - @ December 14, 2024 4:24 pm