Particularly, Dogecoin has retraced by about 30% since it reached a recent multi-year peak of $0.48 in early December, and bullish traders are now patiently waiting for the next leg up. According to technical analysis, Dogecoin’s recent confluence at the $0.3 price level presents an attractive opportunity to load up more of the cryptocurrency before an upward bounce from here.Dogecoin’s $0.3 Support Zone Holds Key Significance The $0.3 price level has emerged as a critical support zone for the meme coin moving forward, with multiple analyses referencing this price point.
Particularly, Dogecoin’s upward momentum in the last quarter of 2024 had no reason to be derailed if not for Bitcoin’s failure to hold above the psychological $100,000 price level. Related Reading: XRP Price Eyes Bullish Flag Breakout That Could Put 50% Gains On The Board Unsurprisingly, on-chain data shows some Dogecoin whale addresses might already be capitalizing on this discount in anticipation of this market-wide recovery.
According to a technical analysis of Dogecoin’s daily candlestick price action on the TradingView platform, this level aligns with historical support zones that have previously served as reliable demand areas during market downturns.
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