• Dogecoin has recently faced intense selling pressure, but it showed signs of recovery over the last 48 hours.
• The price of the coin has slipped almost 4% in the past week.
• If demand continues to accelerate, the price of the coin is expected to move upward, but must remain above its current support line.
Dogecoin has been facing a tumultuous market in recent weeks, with the price of the meme-coin slipping almost 4% in the past week. Despite this, it has shown signs of recovery over the last 48 hours, with traders beginning to take notice of its potential.
At the time of writing, Dogecoin was trading at $0.071 and is currently hovering around the $0.069 support line. If demand continues to accelerate, the price of the coin is expected to move upward. However, for this to happen, DOGE must remain above its current support line and the $0.070 mark.
The current technical outlook of the meme-coin points towards a potential reversal of fortunes, with buyers beginning to make an entrance. If the coin is able to break above the $0.072 level, it could mark the beginning of a new uptrend.
In the past week, Dogecoin has suffered a 90% discount to its all-time high, which it achieved last year. This could be a great opportunity for traders to enter the market and take advantage of the coin’s potential.
All in all, the future of Dogecoin remains uncertain. If demand continues to grow and the coin is able to remain above its current critical price levels, then we could be seeing the beginnings of a new uptrend. However, only time will tell what the future holds for the meme-coin.