Dogecoin Holds Strong at 50% Retracement: Bullish Trend Ahead?

• Despite the fourth Bitcoin halving, Dogecoin remained relatively stable.
• Dogecoin experienced a corrective phase over three weeks, marked by a significant price decline from its recent high.
• Dogecoin’s bounce back above the 50% Fibonacci retracement level signals a potential bullish reversal.

Dogecoin’s (DOGE) resilience above key support levels and its potential for a bullish reversal suggest a promising outlook for the cryptocurrency in the near future.

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Despite the recent Bitcoin halving event, the cryptocurrency market remained relatively stable over the weekend. This stability extended to major coins like Dogecoin, indicating a balanced stance between buyers and sellers. Notably, Dogecoin has maintained its position above the 50% retracement level, suggesting a bullish sentiment prevailing in its market.

Over the past three weeks, Dogecoin has been experiencing a corrective phase, as evidenced by a downward trendline in its daily chart. This correction began after reaching a high of $0.228 and saw the price drop to a low of $0.13, marking a significant 43% decline.

However, with Bitcoin holding steady above the $60,000 mark, Dogecoin managed to bounce back above the crucial 50% Fibonacci retracement level at $0.143. This level has served as a key support zone, with buyers actively defending it through multiple lower-price rejection candles.

Looking ahead, the post-halving period may usher in a rally across the altcoin market, potentially benefiting Dogecoin. If this materializes, Dogecoin is poised for a bullish reversal, with the potential to challenge overhead resistance levels. A breakout from these levels could signal a continuation of the ongoing rally, with targets set at $0.22 and intermediate resistance expected at $0.2.

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