Dogecoin (DOGE) Lands on Crucial Support, US Dollar Index (DXY) Signaling Bitcoin Surge, Ethereum (ETH) Shows Worst Top 10 Performance
The post Dogecoin (DOGE) Lands on Crucial Support, US Dollar Index (DXY) Signaling Bitcoin Surge, Ethereum (ETH) Shows Worst Top 10 Performance appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Dogecoin is currently at the 200 EMA, a historically significant zone for trend reversals, having reached a critical support level following a protracted decline. Dogecoin has previously used this level as a crucial turning point, making it a critical area where either a significant rebound or additional breakdown may occur. Holding above 200 EMA: A recovery route is scenario 1. The downtrend may come to an end and a relief rally may be triggered if DOGE is able to maintain its position above the 200 EMA, which is currently at $0.26. If this level is successfully defended, buyers will be intervening to stop additional losses. DOGE/USDT Chart by TradingView The next resistance zone in this scenario is $0.34, and a recovery toward $0.30 to $0.32 is feasible. A return to the $0.36-$0.38 range might occur if momentum picks up speed. For a trend reversal to be confirmed, DOGE must exhibit higher volume and buying strength. Scenario 2: Bearish continuation with a break below the 200 EMA. A significant bearish signal that would pave the way to a more thorough correction would be generated if Dogecoin dropped below the 200 EMA. A rapid drop toward $0.22, the next important support level, could result from a break below $0.26. At worst, DOGE might even go back to $0.18, wiping…
Filed under: News - @ February 5, 2025 7:22 am