Dogecoin $0.31 Crash Explained: Golden Cross Signals A Bullish Roadmap Amid Market Decline

Dogecoin price dropped 15% to $0.31, but technical analysis frames this correction as part of its bullish trajectory. Key support at $0.26 will determine the next phase of its market cycle.

The cryptocurrency market has faced a widespread decline in the last 24 hours, with Bitcoin once again dropping below the $100,000 mark and pulling altcoins down with it. Dogecoin was no exception, experiencing a sharp 15% drop that brought its price below $0.31. Despite this downturn, technical analysts suggest that Dogecoin’s correction is a natural part of its ongoing bull market trajectory.

Crypto analyst Kevin (@Kev_Capital_TA) has drawn attention to Dogecoin’s weekly golden cross, a significant technical indicator that occurred in early November during the U.S. election period. Historically, a golden cross signals strong bullish momentum. Kevin emphasized that Dogecoin’s current pullback aligns with its historical patterns, where similar golden crosses were followed by substantial corrections, with the meme coin often enduring up to three 50% retracements before reaching a cycle top.

Kevin’s analysis highlights the importance of key support levels in Dogecoin’s current trajectory. He identified the “golden pocket” Fibonacci retracement zone as a critical area to watch, suggesting that a 45% correction from Dogecoin’s recent high of $0.48 could bring it into this zone. Maintaining a weekly close above $0.26 would preserve the bullish market structure, while a breakdown below this level could signal a reversal of the current trend.

At present, Dogecoin is trading at $0.3179, marking a 12% decline in the past 24 hours and a 22% drop over the past week. This places it at its lowest level since early November, with the $0.26 support zone becoming a crucial focus for traders and investors. Analysts remain optimistic that this pullback is a necessary step to sustain the broader bull market, but caution that losing key support could lead to further downside.

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