The entire encryption currency market has been significantly affected by a sharp decline in the past 24 hours, with Bitcoin leading the way once again breaking through the $100,000 mark. DOGE coin is no exception, with its price dropping by nearly 15%, eventually falling below $0.31. However, technical analysis shows that this price drop is very natural in the current trend of DOGE coin. This technical analysis brings hope to DOGE coin enthusiasts, as it frames this price pullback as a natural occurrence within a broader period of price increase. The significance of the weekly golden cross on the price of DOGE coin The encryption currency analyst Kevin (Kev_Capital_TA) emphasized the importance of the weekly golden cross for DOGE coin during the market downturn on social media platform X. According to Kevin, DOGE coin experienced a weekly golden cross at the beginning of November, coinciding with the US election period. Historically, such technical indicators herald a strong bullish trend. However, Kevin pointed out that the current pullback is consistent with past patterns, when DOGE coin experienced significant corrections after the golden cross. He pointed out that in previous cycles, DOGE coin experienced three independent adjustments of 50%, all of which ultimately ended at the peak of the cycle. This historical behavior provides context for the recent price drop to $0.31. According to Kevin, this is a typical retracement in the market. He emphasized that this retracement is not only expected but also necessary to maintain the price structure of the market. Lack of source language text supports horizontal and yellow area Kevin's technical analysis continues to examine the major support levels of DOGE coin, which may determine the next trend of the meme token. To determine these support levels, he outlined the macro structure and the golden zone support area, which is widely considered a strong support Fibonacci retracement area. According to his assessment, the 45% adjustment level from the recent high of DOGE coin will align with these levels and may lay the foundation for a continued upward trend. With this in mind, the recent Dogecoin price is approximately $0.48, which is the price it reached in early December. If Dogecoin can mine this golden zone and close at a price not lower than $0.26 weekly, then this is enough to maintain the market's upward structure. However, breaking the support level of $0.26 may cause trouble for Dogecoin and change its price trajectory in the overall trend. Currently, the trading price of DOGE coin is $0.3179, marking a sharp 12% decline in the past 24 hours, and even a 22% drop in the past 7 days. The recent decline has brought DOGE coin to its lowest point since early November, breaking the $0.35 mark for the first time in over a month. However, the $0.26 support level remains crucial in determining the future price trend of DOGE coin. DYOR! #Write2Win Write and earn $DOGE {spot} (DOGE Tech) #2024 Gate.io 年度账单 #与动态一起迎圣诞 #USUAL和MOVE逆跌上涨，你看好吗？