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Dogecoin is once again in a hot seat as Meme Coin tests a many years of trend line that dates back to a powerful day of 2021. Daily and weekly charts emphasize the importance of this zone. The market is risky near the intersection that can determine whether it is collapsed by another quarter.
Dogecoin was able to jump in more
On the weekly chart, the trend line is lowered from the top of the last cycle, and it is 0.786 Fibonacchi regression to about $ 0.167. Therefore, Dogecoin slipped to $ 0.167 below 0.786 Fibonacci, still stuck in a trend line for about $ 0.157.
The ability to maintain the line of the Doge can determine whether the market can avoid a new sale that can erase one -quarter of its current value. In particular, Doge has already fallen about 66% from last year’s peak to December peaks, showing how firmly the bulls need to fix the line to avoid the wave of another sales pressure.
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Enlarged daily time makes the story clearer. After Dogecoin dropped out of the down trend channel on February 24, he tried to return to the inside on March 2 and 3, and quickly pushed down the bottom of the channel. Following the lower boundary, the subsequent rejection of March 6 and March 26 confirms that the bear has little intention to give Doge an easy way. This persistent rejection is accompanied by a weak amount, and the buyer indicates that it is difficult to convene the propulsions necessary to regain the footsteps inside the channel.
Weekly EMA is spreading at a higher price than the price, especially the main line is spreading to more than $ 0.16, and Daily EMAS has changed Dogecoin to a short -term ceiling that is not repeatedly guessed in the recent session.
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If Doge falls below the trend line for many years, you can test the support zone again on March 10 and 11. If the Doge does not defend the trend line and slides down $ 0.14, the next major pivot is $ 0.12, and the noticeable blue line is symbolized. The distant retreat is likely to fall 25% from the current price level, which is likely to intensify the weakness of the weakness until the second quarter.
All eyes are now immersed in the interaction between the price of magnets and buffers throughout the market cycle and decades of inclination. The buyer tightly enters the line at the intersection of the 0.786 Fibonacci level for many years, and the next task is to reclaim the lower limit of the descent channel. On the other hand, the decisive rest of less than $ 0.14 will lower the probability of surrender to $ 0.12 or less.
At the moment, the destiny of Dogecoin depends on whether the structural support that stands for a long time can overcome the storm. If so, the assaulted meme coin can still scrip the comeback. Otherwise, the market can face free falls to reclaim memories of the most variable chapters in history.
DALL.E, major images made with charts on TradingView.com