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The DOGE coin is currently barely holding on at a price level of $0.17, but its performance shows significant instability, much like a swing hanging on the edge of a cliff, which could collapse at any moment due to market fluctuations.
Technical indicators show that bearish forces are gathering:
The 20-day moving average is showing a downward trend, which usually indicates that the market is generally in a weak state. At the same time, the RSI indicator continues to decline, suggesting that downward pressure is increasing, and the upward momentum of DOGE is being significantly suppressed.
If DOGE cannot hold the key support level of 0.17 USD, it may directly drop to the 0.14 USD level, and could even further open the downward channel to 0.10 USD.
For multiple investors, the current situation is extremely severe:
To reverse the current downtrend, buyers need to have enough strong power to break through the resistance level of $0.21 in one go.
If it can successfully break through, DOGE is expected to further challenge the higher resistance level of $0.26.
It is worth noting that DOGE can only be considered to have truly established the foundation for a new round of upward trend when it can stably stand above the level of $0.26.
The cryptocurrency market needs to remain rational and observant, adhering to a prudent investment strategy, avoiding blind chasing of highs or panic selling.