Dogecoin's market cap is testing the 200-week moving average after breaking a downtrend, signaling a potential recovery. Currently valued at approximately $17.79 billion, the market cap has formed a rounded bottom structure, indicating a shift from selling pressure to recovery attempts. A successful break above the 200 WMA could target resistance zones at $21.5 billion, $25.5 billion, and $31.5 billion. However, failure to surpass this level may lead to a retest of the $15.5 billion to $13 billion range.
Additionally, the DOGE/COPPER ratio has broken its downtrend, trading near 0.01808 after rebounding from support at 0.016. This breakout suggests an early recovery attempt, with potential targets at 0.021, 0.027, and 0.035 if the trend holds. A drop below 0.016 would weaken the setup, indicating a need for further confirmation of strength against copper.
Dogecoin Market Cap Tests 200-Week Moving Average Amid Recovery Signs
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