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Dogecoin Price And Weekly Golden Cross
The entire cryptocurrency market has been affected by a significant decline in the past 24 hours, with Bitcoin leading the way in breaking the $100,000 mark. Dogecoin is also not exempt from this decline, with its price dropping nearly 15% and finally falling below $0.31. However, technical analysis indicates that this price decline is quite natural within the current trajectory of Dogecoin. This technical analysis brings hope to Dogecoin enthusiasts, as it frames the retreat as a natural phenomenon within the broader ongoing price cycle. Weekly Golden Cross and its significance for Dogecoin price Cryptocurrency analyst Kevin (Kev_Capital_TA) used the social media platform X to highlight the importance of Dogecoin's weekly gold crossover amid a market downturn. According to Kevin, Dogecoin experienced a weekly gold crossover in early November, coinciding with the U.S. election period Historically, such technical indicators signal strong bullish momentum in an upward direction. However, Kevin noted that the current pullback is consistent with past patterns, when Dogecoin experienced significant corrections after the gold crossover. He pointed out that in previous cycles, Dogecoin had to face three separate 50% corrections on the way to the end of the cycle peak. This historical behavior provides context for the recent drop to $0.31, which Kevin said is a typical market pullback. He emphasized that this kind of pullback is not only expected but also necessary to maintain the market's upward structure.
Support level and golden pocket area Kevin's technical analysis continues to consider the key support levels of Dogecoin that may determine the next movement of this meme coin. To obtain these support levels, he has outlined the macro-structural support zone and golden pocket, which is widely regarded as a strong support area. Based on his assessment, a 45% retracement from Dogecoin's recent high would align with these levels and could pave the way for a continuation of the uptrend. With that in mind, the recent high price of Dogecoin is only about $0.48, a price it reached in early December. If Dogecoin can mine this gold pocket without closing below $0.26 per week, it will be enough to maintain the integrity of the market's price structure. However, breaking below the $0.26 support level could cause trouble for Dogecoin and lead to a change in its price trajectory in the overall trend. At the time of writing, Dogecoin is trading at $0.3179, marking a sharp 12% decline in the past 24 hours and an even more significant drop of 22% in the past seven days. This recent decline brings Dogecoin to its lowest level since early November, breaking the $0.35 threshold for the first time in over a month. However, the $0.26 support level will still be key in determining whether Dogecoin's rally remains valid or not. DYOR! #Write2Win #Write&Earn $DOGE {spot}(DOGEUSDT)