The post Analyst Says Dogecoin Could Be In Big Trouble If This Happens appeared on BitcoinEthereumNews.com.

Meme cryptocurrency Dogecoin has had quite a few days of intriguing price action coupled with intense volatility. Notably, Dogecoin, which ended the last days of September on a bullish run, has since reversed those gains and is back where it left off just above $0.10.  According to a technical analysis of the Dogecoin price action, the meme coin broke above a multi-month downtrend last week. However, as it stands, a recent correction in the past 48 hours has seen DOGE reversing to retest the breakout point. As noted by a crypto analyst, this retest is crucial to DOGE’s performance in the coming weeks and months. A bounce or a break below could make or break the meme coin’s price. Dogecoin Retesting The Macro Falling Wedge A crypto analyst known as Kevin on social media platform X, recently made known an interesting piece on the current DOGE price action. Kevin has built a reputation among his social media followers for his extensive analysis of DOGE price action on X. According to a Dogecoin chart he shared, the meme coin, which recently peaked above $0.13, is now retesting the upper trendline of the multi-month falling wedge that it successfully broke out of just last week. According to Kevin, this type of retest is actually normal when breakouts like this play out. A retest and a subsequent move to the upside often act as confirmation of the breakout. However, with the current situation of things, this retest could be more than just a retest. This is because a break below the trendline would mean that the meme coin is still stuck in a multi-month downtrend and has not broken out as most investors had hoped. This, in turn, could cascade into a decline that could eventually see DOGE reaching a low of $0.085…

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Filed under: News - @ October 3, 2024 12:16 am