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Dogecoin Faces Bearish Sentiments: Will It Bounce Back from $0.12?

Release: 2024/06/13 21:06 Reading: 349

Original author:CryptoTale

Original source:https://coinmarketcap.com/community/en/articles/666aeb3180c2027c1640c187

Dogecoin Faces Bearish Sentiments: Will It Bounce Back from $0.12?

Dogecoin Primed for Bullish Recovery

Dogecoin (DOGE) is poised for a potential bullish resurgence, breaking free from a period of consolidation characterized by support between $0.05 and $0.10.

Based on Elliott Wave Theory, DOGE may embark on a bullish phase, with projections reaching up to $1.70 by 2025. Recent chart patterns, including a double bottom at $0.1205, indicate a bullish reversal despite current bearish sentiment.

Historically, Dogecoin has exhibited significant volatility. From 2020 to 2021, support levels ranged from $0.002 to $0.004, while resistance hovered around $0.01.

During this period, Dogecoin surged past the $0.01 resistance level, sparking a parabolic uptrend. In the 2021 bull run, support shifted to $0.05 to $0.10, with resistance around $0.35. This phase witnessed explosive growth, culminating in an all-time high of close to $0.70.

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