DOGECOIN (DOGE) is negotiated at key demand levels after two weeks of intense sales pressure, bears leading DOGE more than 30%. The wider market of cryptography was faced with a prolonged correction which started in mid-January, but the pieces even were the most affected. As a market leader in the parts sector even, Dogecoin has undergone extreme volatility, testing lower support levels as the feeling of investors remains lower.
The metrics on the Glassnod chain reveal that long -term dognery holders are in the “denial”, signaling an increasing uncertainty among those who held Doge for long periods. The net profit / loss indicator (NUPL) net of long -term DOGE (NUPL) has been in a downward trend, which means that many long -term holders see a decrease in unpaid profits or even slip into losses. This trend suggests that holders who have remained confident in the long -term potential of Dogecoin are now faced with the doubt of the market and can consider selling if the conditions do not improve.
While DOGE almost exchanges crucial support, the next few days will be essential to determine whether the bulls can recover control and put pressure for recovery or if the sales pressure will continue, forcing DOGE in a more in -depth correction territory. Bitcoin and the entire market define new stockings, and this week will be crucial for bulls to defend key demand at these levels.
Can Dogecoin crash: can bulls regain control?
Dogecoin experienced a massive sale, plunging more than 59% compared to its December summit of approximately $ 0.48 to a recent minimum of $ 0.19. This spectacular decline fueled the market on the market, with a more deteriorated feeling, as many analysts are starting to ask for the start of a lower market. The slowdown has weakened investors’ confidence, and the parts even – once the hottest sector on the market – are now faced with the most difficult corrections.
Despite the continuous decline, data on the chain suggest that all hope is not lost for Doge. Crypto Ali Martinez analyst has shared Glassnod metrics indicating that long -term dogecoin holders are in the “denial”, according to the NEW benefit / loss (NUPL) indicator in the long -term DOGE (NUPL).
These data suggest that many long -term investors still retain their DOGE despite the slowdown but are starting to get tired of the prolonged downward trend. Historically, these “denial phases” can precede a final capitulation or a strong rebound if the bulls recover control.
The coming week will be crucial to determine if Dogecoin can bounce from current levels or if the sellers will continue to dominate. If Doge manages to have key support levels and recover the momentum, a rescue gathering could be in sight. However, if the sales pressure persists, the price can continue to decrease, more prolonging the correction.
Dogecoin Price Lutchys after 19% drops
Dogecoin is negotiated at $ 0.21 after a sharp drop of 19% since Monday, continuing its downward trajectory in the middle of a larger weakness of the market. The sector of the same has been one of the hardest in recent weeks, Doge has struggled to find strong support because the sales pressure remains dominant.
Bulls are now faced with a critical test because maintenance above current levels is essential to avoid more decline. To initiate a recovery rally, DOGE must recover the brand of $ 0.24, a key resistance level which could point out the start of an upward trend. However, the feeling of the market remains cautious and the action of the prices suggests that DOGE could enter into a consolidation phase below this level before the start of any significant recovery.
If Dogecoin does not hold above $ 0.21, the Bears can continue to push the lower price, potentially revisiting the previous support levels. However, if buyers intervene and Doge stabilizes, he could take momentum for a future thrust towards higher prices. In the short term, traders should closely monitor if the bulls can defend current demand levels and recover key resistance levels to confirm a potential reversal of price action.
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