Is Dogecoin about to take a nose dive or soar like a pigeon?

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Ah, dear reader! Gather ’round as we delve into the escapade of our furry friend, Dogecoin [DOGE], who has recently found itself in quite the pickle. It appears that this plucky memecoin has lost one of its treasured support levels, sending ripples of anxiety among the merry band of market participants-what a spectacle!

In the ever-dramatic theatre of the cryptocurrency market, DOGE has taken a nosedive of 4.50%, now prancing about at the humble price of $0.0089, as it grapples with the ongoing bearish momentum that looms like a dark cloud over the landscape.

Yet, fear not! For even amid the price drop, the market participation has rallied with gusto, like a raucous crowd at a carnival, as trading volume has spiked by an astonishing 11% to $845 million during this tumultuous period.

 Could we be staring down the barrel of another 35% tumble?

Upon perusing the daily chart, one cannot help but feel a pang of sympathy for our beleaguered Dogecoin, which has succumbed to the pressures of the day-losing its cherished support at the $0.095 level, a fortress it has defended valiantly since February of the year 2024.

Now, if our valiant Doge fails to reclaim its previous stronghold, we may very well witness a catastrophic plunge of 35% in the days to come. Such is the fate of the unwary!

But wait! There lies a glimmer of hope with minor support at $0.0883, a level Doge might just test-perhaps to stage a dramatic comeback! If fortune smiles upon it, we may see a reversal from this threshold. If not, brace yourself for a downward spiral towards the next key support at $0.05710, which sounds rather ominous, doesn’t it?

As we cast our gaze upon the daily chart, we find the Average Directional Index (ADX) strutting its stuff at a robust 51.33, far exceeding the key threshold of 25, indicating that our furry friend is currently riding the wave of strong momentum. Huzzah!

Is THIS the moment Doge hits rock bottom?

In spite of the gloomy clouds overhead, a crypto expert, perhaps clad in a cape of wisdom, has taken to X to share a revelation that has captured the hearts of many crypto enthusiasts. The expert proclaimed,

“If you missed the golden opportunity when Dogecoin frolicked at $0.0002 and $0.002, for heaven’s sake, don’t repeat that blunder!”

This sage also suggested that the current price level could represent a veritable bottom, fortifying their claim with a monthly chart that shows Doge ascending steadily on an upward trendline. A most noble ascent indeed!

The chart reveals that Doge is now flirting with its third major support level since the years of yore-2017 and 2021-both of which were followed by noteworthy rallies. Will history repeat itself, or shall it be a tale of woe?

Traders on the lookout for short-leveraged shenanigans

Ah, the intrigue continues! Derivative data tells us that intraday traders are hot on the tail of the prevailing trend, favoring short positions as they feast upon the misfortunes of the market.

According to the wise sages at CoinGlass, traders are keeping a close watch on the $0.0888 level below and $0.0948 above, which have now donned the honorable titles of key support and resistance levels. Quite the drama unfolding!

The data further reveals that traders are strutting around with approximately $8.26 million in leveraged long positions and a staggering $14.46 million in short-leveraged positions at these pivotal levels. My, what a bustling marketplace!

This positioning not only mirrors the current market sentiment regarding our beloved Dogecoin but also suggests that a liquidation at either critical level could unleash a whirlwind of movement in either direction-a veritable rollercoaster of excitement!

Final Thoughts 

  • Our brave DOGE has lost its cherished support at $0.095, a bastion it held since February 2024, and current price movements hint at the possibility of a further 35% decline ahead-grab your popcorn!
  • A wise expert has prophesied that the current level could signal DOGE’s bottom, suggesting a high probability of a spirited reversal, leaving us all in suspense.

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2026-02-11 21:10