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- Dogecoin trades at $0.17, up 1.75% in 24 hours, with a 7.82% gain over the past week, showing positive movement.
- DOGE broke out above $0.17, targeting $0.20 for a potential 15% gain, but caution is needed due to market uncertainty.
- Support at $0.15–$0.14, resistance at $0.20–$0.25; traders should stay alert to price action in the volatile market.
As of press time, Doge is currently trading at $0.17, having gained a value of 1.75% in the last 24 hours. The trading volume is $907.34 million and has decreased by 9.12%. The price of Dogecoin has gained 7.82% over the past week.
Source: CoinMarketCap
CoinCodeCap Trading has highlighted a high-risk and high-reward combination on DOGE. The cryptocurrency has a Channel Down breakout above the $0.17 level with a target price of $0.20. This represents a potential 15% increase. Analysts, however, recommend putting a stop loss at $0.155, slightly lower than the last downswing. It is recommended that traders be cautious and manage their positions because the broader market pattern is uncertain.
The main support zones of the DOGE price are $0.15 to $0.14, and the resistance levels are $0.20 to $0.25. The current trend is neutral in the short run, but bearish in the medium and long run. Relative Strength Index (RSI) indicators are neutral. In the meantime, the Moving Average Convergence Divergence (MACD) implies that recovery can be at its initial stages. The overall trend remains bearish in spite of the bullish indicators and caution must be taken.
Source: X
Dogecoin Shows Breakout Potential
BitGuru also revealed the possibility of a breakout. DOGE has consolidated following the formation of the low at $0.14339. This price wave has shot up to $0.17587 and now retreated to support regions of between $0.16500 and $0.17000. DOGE price action at these levels will be critical in identifying whether the cryptocurrency will be able to extend its bullish leg further, or a retracement will be effected.
Source: X
Despite the recent surge, Dogecoin remains in a volatile market. The newer price rise is positive, but the trend is still bearish. The key levels of support and resistance should be closely observed by traders. It is advisable to be careful as the market might change at any time.
These volatile times will play a crucial role in Dogecoin during the coming days. It is yet to be determined whether the cryptocurrency can hold gains or will revert to the downward trend. Traders ought to be on the alert for any sharp movements in price action.
