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Dogecoin again in the hot seat where the Meme coins are tested by a multi -year direction line dating back to the amazing days of 2021. Both daily and weekly plans emphasize the importance of this region, with the market hovering dangerously near events that can determine whether the current price rises by another quarter or dramatic centers.
Dogecoin can be drowned more
On the weekly graph, the trend line goes down to the historically high levels near the top of the last session and is close to a decrease of 0.786 Vibonacci at about $ 0.167. Thus, Dogecoin finds itself on a shaky land where it has declined to a level below 0.786 Vibonacci at $ 0.167, however he still sticks to a multi -year -old trend line, which is currently hovering about $ 0.157.
Dog’s ability to stay over the line may be decided if the market can avoid a renewable sale process that can erase a quarter of its current value. It is worth noting that DOGE has already decreased about 66 % of its peak in December above $ 0.48 last year, revealing the bulls to keep the line to avoid another wave of sale pressure.
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Zoom in the daily time frame, the story becomes more clear. After Dogecoin came out of the downsic direction channel on February 24, she tried to fight her way inward on March 2 and 3, to be pushed quickly at the bottom of the channel channel again. The subsequent rejection on March 6 and 26 March along the lower border confirms that the bears have no slim intention to give Dog an easy path above. This continuous rejection is accompanied by a decline, which indicates that buyers have had difficulty mobilizing the momentum required to restore a foothold inside the channel.
The weekly EMAS is spread over the price, especially with major lines sitting more than $ 0.16, while the daily EMAS turned into roofs close to the period that Dogecoin has failed again and again in the last sessions.
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If Dog is fell from the multi-year trend line, the support area can again test about $ 0.14 such as on March 10 and 11-it is designed in red on the graph. If DOGE fails to defend the trend line and slip to less than $ 0.14, the next main axis comes at $ 0.12, symbolizing prominent blue line. The decline will largely decrease by another 25 % from the current price levels, which may deepen the low morale in the second quarter.
All eyes are now closed to the interaction between the price and the slope that lasted, which was a magnet and a temporary store through multiple market courses. If buyers are beying firmly at the intersection of a multi-year line and 0.786 Fibonacci, then the next challenge is to restore the lower border of the condole-something that fails to do despite the repeated tests. On the other hand, the decisive break of less than $ 0.14 would raise the possibilities of surrender to $ 0.12 or may be less.
Currently, the fate of Dogecoin appears to depend on whether this long -term structural support can overcome the storm. If this is the case, the M -currency that has been beaten after preparing the return. If not, the market may face a free fall that revives the memories of the most volatile chapters in its history.
Distinctive image created with Dall.e, Chart from TradingView.com
