Dogecoin faces the resistance test of the long-short battle: Can Dogecoin counterattack?

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This news was published on November 7, 2023, Taiwan time
The title is Dogecoin faces the resistance test of the long-short battle: Can Dogecoin counterattack?

Dogecoin (DOGE) has recently faced a key price test. Despite rising 30% since October 18, it encountered strong resistance at $0.078, triggering nearly $3 million in long positions being liquidated. Failure to break out of this supply zone could push DOGE down to $0.067 or even lower. However, if the buying power increases, if it successfully breaks through and stands at $0.078, it will open a channel to rise to $0.090. Market indicators suggest bulls still have the upper hand, but will need to watch to see if this momentum is sustained to confirm the medium-term trend.

This news can analyze the price trend of Dogecoin from the following perspectives:

1. Historical gains and resistance points: Dogecoin’s rise since October 18 has reached 30%, showing strong market buying interest. Past market behavior shows that when DOGE prices experience significant short-term increases, it tends to attract more investor attention, which can lead to further price increases.

2. Test of current resistance point: DOGE currently encounters strong selling resistance at the price point of $0.078. This resistance usually accumulates at a certain price level, which may be a previous high or the cost basis of large holders. Based on past market behavior, when DOGE approaches such a key resistance point, if it successfully breaks through, it will usually enter a new price exploration stage.

3. Market Indicators and Long Liquidation: Although nearly $3 million of longs were forced to liquidate their positions following rejection at the $0.078 resistance point, market indicators still show the advantage of the bulls. This suggests that market participants generally expect prices to rise, even in the face of a short-term retracement. In similar situations in the past, DOGE prices have often been able to recover and rise further if bulls still showed firm control of the market.

Overall, Dogecoin has shown an unyielding market attitude in the face of the key resistance at $0.078, and the recent pullback appears to be just a temporary break to gather strength for the next wave of offensive. With the strengthening of buying power and positive market sentiment, Dogecoin is very likely to break out of the current price range and start a new chapter rising to $0.090 or even higher. Considering the strong upward momentum shown by Dogecoin in the past, once it breaks through the resistance level, it can often attract more attention and investment. This time may be no exception. We have every reason to maintain optimistic expectations about the price outlook of Dogecoin. . Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.