fxstreet.com 03 Feb, 2021 11:15 am

DOGE at risk of a 60% downswing if vital support fails to hold

DOGE at risk of a 60% downswing if vital support fails to hold
Dogecoin recovery has become an uphill task after plunging from $0.088. The bearish outlook has also remained unchallenged over the last couple of day

DOGE/USD 1-hour chart The IOMAP model by IntoTheBlock confirms that recovery will not come easy based on the robust seller congestion zones ahead.Dogecoin IOMAP model The same IOMAP model highlights the key support, $0.It is essential to note that the token is also trading below the 50 SMA on the 1-hour chart, significantly increasing overhead pressure.A breakout occurs after the price hits levels above the upper trendline.

As mentioned above, the symmetrical triangle can result in an upswing if Dogecoin breaks above the upper trendline.8 billion DOGE.

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