Dogecoin, the popular meme coin launched in 2013, is facing a make-or-break moment this week, according to leading chartists.
The TD Sequential indicator has presented a sell signal on DOGE’s weekly chart, indicating that momentum may have peaked.
Crypto trader Ali notes that DOGE currently sits just under the critical resistance around $0.11 – a level that has halted multiple rally attempts since 2021.
With bearish momentum mounting, a failure by the bulls to push Dogecoin over this hurdle could result in a significant pullback. Ali points to the possibility of a drop towards the support zones at $0.085 or $0.078 if sellers take control.
On the other hand, managing to surge through $0.11 could invalidate the bearish outlook and set Dogecoin up for extended gains. But based on how well this resistance has held over the past year, bulls face a stiff test.
But despite its humorous beginnings, DOGE retains a die-hard community of supporters, and some analysts see upside potential if key technical milestones are finally overcome. Traders will be eyeing the $0.11 level as the line in the sand that determines whether Dogecoin breaks out once more or resets to lower support levels.
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In a market where sentiments sway prices, traders are advised to stay vigilant, considering the potential scenarios outlined by the TD Sequential indicator. As Dogecoin faces resistance, strategic decisions and risk management become paramount for investors navigating the volatile cryptocurrency landscape.
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