Dogecoin price crash threatens $0.16 support, why the Bulls must keep this level
When the price of Bitcoin fell to $100,000, the price of Dogecoin crashed with the cryptocurrency market. U.S. President Donald Trump and billionaire Elon Musk have made very public controversy over the differences that have not been revealed. As the price of the meme coin fell, it damaged multiple secondary support, indicating that the bear was charging again. This puts it in a dangerous position as it is now close to important support levels.
Why Dogecoin price must hold $0.16
Crypto analyst Alchemist trader revealed that $0.16 is the most important level of Dogecoin price at present. Analysts pointed out this in a trading browsing post that shows how the meme coin has beenhaved lately and how it has moved on various important levels.
The first level that Dogecoin price crossed earlier this week was the 200-day moving average (MA). This 200-day moving average is a dynamic support for altcoins, and that’s part of the reason why the meme coin price recovered smaller at the beginning of the week.
At this point, Altcoin seems to be at the discount and has a significant accumulation as the market gradually decreases. Beyond that, market sentiment around Dogecoin prices has entered a positive territory, which suggests that buyers are back on the table.
However, this didn’t last long, as the Bitcoin price crash shook the market on Thursday, while Dogecoin’s price dropped by another 10% in less than a day. This puts it below $0.18 support, pushing it to a lower level of support. The $0.17 support has been maintained, but with this level of support, the next major support level has dropped further.
The crypto analyst stressed that the important level to watch now is actually $0.16 support. He explained that this is actually crucial for bullish continuation, and that not holding it could lead to a price crash. But if the Bulls can successfully maintain this support, the likelihood of an uptrend increases with the higher lows seen by the market and may return to $0.48.
The fact that other bullish technologies appear at the price of dogs is that it has previously exceeded the trend line of short-term landing. If all situations remain equal, except like Trump-Musk’s hatred tank, this kind of breakthrough is often a perception of crypto assets.
“This breakthrough, coupled with the continued strength of MA for over 200 weeks, could lay the foundation for a major transfer,” the crypto analyst wrote. He further added: “The ultimate technical goal remains an all-time high of $0.48, which is a potential increase of 194% at the current level.”
Featured pictures from dall.e, charts from tradingview.com
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