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A bounce-off above the $0.13 support level could see DOGE begin its uptrend momentum, while a breakdown could lead to further downside.
Dogecoin has been trading above a rising trend line on the weekly chart and fully respecting it since Q4, 2023. As of press time, DOGE was trading at $0.1424, a 5.8% dip in the last 24 hours, per CoinMarketCap. According to renowned crypto analyst, Ali Martnez on X (formerly Twitter), the $0.13 key resistance level on Dogecoin’s support line is a key psychological level.
Why does the $0.13 zone matter?
At this level, the 61.8% Fibonacci retracement converges with Dogecoin’s support, making $0.13 both a technical and psychological battleground. As the crypto market fluctuates in panic, the meme-coin’s next direction could be defined in this zone.
One should keep an eye on this level, as Dogecoin’s average direction index remains neutral in the short term. Additionally, following smart money and whale activity in this zone could give further insights.
