Dogecoin (DOGE), the granddaddy of meme-based cryptocurrency, plummeted below the $0.10 level

DOGE’s recent surge in price after hitting a low point is showing resilience marked by a decisive movement in the short term

Dogecoin [DOGE] price dropped below the crucial $0.10 level, raising concerns among investors. However, some analysts remain optimistic about the coin’s long-term prospects.

According to recent analysis, the latest price decline toward the .104 level was not surprising.

DOGE’s recent price surge after hitting a low point showed resilience marked by a decisive movement in the short term. This indicated that buyers were actively pushing the price higher, potentially signaling a bullish trend in the near term.

As per the expert, the ongoing fluctuations might be part of an extended fifth wave of a larger correction. The analyst believed that Dogecoin could potentially retest the $0.08 level before embarking on a potential upward move.

Despite the token’s bearish outlook in the short term, the analyst highlighted several positive factors supporting Dogecoin’s bullish thesis. These included a white pattern that showed that the price had likely hit a bottom. This was already confirmed by the price moving exactly as predicted. This low point occurred alongside significant divergences on higher timeframes and algorithmic indicators.

The analysis noted,

“So far the move off the low on the micro looks pretty decent(impulsive)

So this is what I’m watching

Yellow ending micro is that we’re possibly seeing an extended 5th of C w/ maybe one more low into.08ish

White is low in. We got a perfect 1-1 of A, shy of the channel boundary, on decent htf divergences, & algo strikes

That yellow line is a huge level to break because that would invalidate the yellow extension count & provide more confidence that the low is in”

The next level to watch was a significant resistance zone marked by the yellow line on the chart. Breaking above this level would invalidate the bearish extension count and provide stronger evidence that the bottom was in.

Dogecoin 2nd Most Traded Meme Coin in Binance

Meme coins continue to be the preferred choice of investors, especially on the world’s largest cryptocurrency exchange, Binance. As of July 9th, 2024, nearly 50% of the top ten cryptocurrencies with the highest 24-hour trading volume on Binance were meme coins.

Dogecoin clinched the second spot in the meme coin category with a 24-hour trading volume reaching $727.36 million. Despite a modest 2.89% price increase, DOGE maintained a significant market capitalization of $24.88 billion.🎜

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