After falling by -3.5% last week, Dog Coin (DOGE) has been struggling to survive in a situation where prices have bottomed out - some panicking holders have asked, 'Will Dog Coin fall to zero?'?Despite the efforts of co founder Billy Markus of Dogcoin to stimulate optimism in the Dogcoin community, Wacoin is still related to Lara's recent decision to accept cryptocurrency payments
After falling by -3.5% last week, Dog Coin (DOGE) has been struggling to survive in a situation where prices have bottomed out - some panicking holders have asked, 'Will Dog Coin fall to zero?'?
Despite the efforts of co founder Billy Markus of Dogcoin to stimulate optimism in the Dogcoin community, Wacoin is still related to Lara's recent decision to accept cryptocurrency payments. This may have some positive impacts on the prospects of dog coins.
With the collaboration between the supercar manufacturer and payment processor BitPay, Ferrari now accepts Bitcoin, Ethereum, Ripple Coin, and Dog Coin - which may have changed a common saying in the industry: 'wenLambo' (referring to owning a Lamborghini).
DOE Price Analysis: Will DogeCoin return to zero when DOE is fighting for life?
At present, the market price of dog coins is 0.059 US dollars, an increase of 1.05% compared to the past 24 hours.
However, it is worth noting that on October 9th, the price of Dogcoin experienced a significant decline and encountered strong resistance when attempting to break through the 20-day moving average (currently priced at $0.06).
Since mid August, in the normal fourth quarter, the market has experienced a rapid change from the "Golden Cross" to the "Death Cross", and a critical level of support has emerged in the process of the 20 day moving average. This cascading event led to a significant retreat in the price of dog coins, dropping to a lower support level of $0.0575.
The 200 day moving average is currently above $0.07, and despite a downward trend in prices, this indicator shows strong support.
In terms of technical indicators, although prices are still below the 20-day moving average, RSI shows a continuous upward trend, indicating that prices may need to be further sorted below the 20-day moving average before seeing an increase.
The MACD is currently at -0.0001, showing a slight bearish divergence, reflecting a disconnect in price momentum.
Overall, Gougou Coin is currently undergoing a life and death struggle, and the integrated launch may represent further exploration of the price decline before the "last resort".
This has led to the upward target of Dog Coin being above the 20 day moving average of $0.062 (possibly up 3.56%).
However, a downward trend in risk may lead to a lower support level of $0.0575 for the dog currency (which may fall by 3.96%).
Therefore, the risk return ratio of Dogcoin is 0.9, indicating that it is currently a risk driven entry point and needs to be further organized and maintained at the expected level.
Although Dogcoin may not return to zero, the price trend has clearly raised concerns among investors, as many smart funds are flowing towards a fresher meme token game: MemeKombat.
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