Dogecoin retracement could be in the cards, here's why. Dogecoin is back in the spotlight, showing signs of strength after finding support at a crucial Fibonacci retracement level. This bounce has sparked fresh optimism. Is this rally sustainable, or is a correction looming?

Dogecoin’s face-melting uptrend has caught the attention of investors, but caution may be warranted. While The MACD indicator used in the four-hour chart of Dogecoin exhibited a bullish notion, suggesting continued upward momentum, a deeper dive reveals potential red flags. But the MACD line was seen slowly trying to get below the signal line indicating a potential shift in momentum.

Market analyst Ali Martinez has warned of an imminent Dogecoin correction as the indicator flashes a sell signal on multiple timeframes. This is a significant warning sign that traders should not ignore. Could this signal the start of a retracement?

While the timeline for the likely DOGE retracement remains unknown, several factors could influence its severity. Dogecoin whales may help safeguard the coin from an extreme sell-off. With a visible uptick in whale activity, there's a possibility that large holders will step in to buy the dip, mitigating the downward pressure.

Staying informed about market indicators and whale activity is crucial for navigating the volatile Dogecoin market. Whether a retracement is imminent or not, prudent risk management is always advisable.