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Dogecoin (DOGE) is currently trading at a pivot level after a 17% correction from its recent highs of $0.179. This pullback brought DOGE into a significant demand zone, attracting the attention of Chief Analyst Daan, who recently shared a technical analysis identifying this level as an accumulation opportunity. According to Dan, the current support area could serve as a launching pad if buying pressure intensifies, putting DOGE in the direction of a potential recovery.
However, the coming days are expected to bring increased volatility and uncertainty, primarily due to the approaching US elections and their expected impact on financial markets. Since broader market sentiment often influences Dogecoin, this period may lead to price volatility as traders adjust to political developments and economic responses.
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The key now is whether Dogecoin can hold above this demand zone. If buyers step in and support builds, a recovery could take DOGE back to recent highs or push even further.
Conversely, failure to maintain this level may lead to a deeper bounce. Investors are watching this area closely, knowing that Dogecoin’s next moves will be shaped by internal technical factors and external market conditions in the coming days.
Dogecoin at key levels
Cryptocurrency analyst Dan recently Share detailed technical analysis on XHighlighting that Dogecoin is approaching what he considers to be key accumulation levels. With DOGE trading around the $0.151 mark, Dan points out that this price point has been a resistance area for several weeks, making it a prime area for potential buying.
In his analysis, Dan notes that the upcoming US election adds a significant layer of uncertainty to the market, describing it as a “volatility” to the short-term price direction. He explains that the election outcome could impact both traditional and cryptocurrency markets, potentially resulting in temporary downward pressure or a sudden upward movement depending on the results and broader market sentiment. However, for Dogecoin specifically, he believes that if the price continues to fall to these strategic levels, the risk/reward ratio could be favorable for buyers looking to “gamble.”
Dan also points out that Monday could bring more opportunities if the DOGE dips lower, though he advises caution due to potential volatility in the coming days. The analyst stresses that while these conditions are risky, the opportunity to accumulate DOGE at historically significant levels could pay off if broader market sentiment aligns favorably after the election.
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Ultimately, it seems that the coming days for Dogecoin will be volatile and uncertain, and whether it maintains the $0.151 mark or drops further could pave the way for the next move for the coin. Investors watching DOGE closely are aware of both the technical setup and external market factors, hoping for a potential rebound in this turbulent environment.
DOGE Technical Show
Dogecoin is currently trading at a key level of $0.151, with the previous supply now turning into the crucial demand zone. This level will be essential for bulls looking to regain momentum and push DOGE towards new highs. Holding more than $0.151 is vital to creating a foundation that can push the price higher, providing the market confidence needed for a potential uptrend.
However, if DOGE fails to maintain this level, it could lead to a pullback towards the next major demand area around $0.135. This lower level has served as support in the past and could serve as a crucial point for accumulation if selling pressure increases.
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The coming days will reveal whether buyers can defend this $0.151 area or whether a deeper correction is on the horizon. A break above current levels would give DOGE the upward push needed to test higher resistance areas and potentially create a stronger uptrend. Conversely, a loss of support here may indicate that sellers are still in control, setting DOGE up to retest lower demand levels. As volatility continues to rise, traders are closely monitoring these important support and resistance points.
Featured image by Dall-E, chart from TradingView