The post Understanding the Recent 30% Decline and Recovery Prospects appeared on BitcoinEthereumNews.com.

TLDR Dogecoin experienced a steep decline from $0.3250, plummeting below multiple support levels and reaching a low of $0.20, marking a 30% drop The price has shown signs of recovery, trading above $0.280 and the 100-hourly moving average, with key resistance levels at $0.250 and $0.270 A major bearish trend line is forming with resistance at $0.270 on the hourly chart Technical indicators, including MACD and RSI, suggest continued bearish momentum Critical support levels are established at $0.2250 and $0.2150, with potential for further decline to $0.1880 if $0.20 support breaks Dogecoin (DOGE) has experienced a substantial price correction, dropping from $0.3250 to a low of $0.20 in recent trading sessions. The popular cryptocurrency’s price movement mirrors similar downward trends seen in Bitcoin and Ethereum during the same period. The price decline began as DOGE failed to maintain support above the $0.3250 resistance zone. Initial selling pressure pushed the price below the psychological $0.30 level, triggering a cascade of technical selling points. Trading volume increased notably as the price broke through multiple support levels, including $0.2850 and $0.2650. The increased activity suggests active participation from both sellers and buyers during the price movement. Market data shows that the descent accelerated once the price broke below $0.2750, leading to a sharp decline that ultimately tested the $0.20 support level. This movement represented a 30% decrease from recent highs. Technical analysis reveals that DOGE is currently trading above the 100-hourly simple moving average, suggesting some stability in the short-term price action. The price has also reclaimed ground above the 23.6% Fibonacci retracement level. Dogecoin Price on CoinGecko Traders are closely monitoring the $0.250 level, which represents immediate resistance for any potential recovery. This price point has already rejected several attempts at upward movement in recent trading sessions. The hourly chart displays a…

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Filed under: News - @ February 3, 2025 12:24 pm