Skip to content
- Dogecoin (DOGE) shows potential for a breakout as analysts spot key support and resistance levels.
- Support levels between $0.164 and $0.17 provide traders with an opportunity for accumulation before potential gains.
- Traders are eyeing potential breakout opportunities as DOGE shows signs of stability and possible upward movement.
Dogecoin (DOGE) is trending in the cryptocurrency market with analysts projecting a possible price rally. Analyst Andrew Griffiths highlighted the significance of the support and resistance levels that are now being analyse. By keeping these key areas in sight, traders in the market are keeping an eye out for a possible breakout. The sentiment among analysts regarding the future direction of DOGE is getting more positive, and this may offer profitable investment opportunities.
The cryptocurrency is experiencing a significant convergence of the Fair Value Gap (FVG) and the 4-hour Order Block (OB) being tested. It is the second time that DOGE has visited this important zone, which is both high volume and liquidity wick. Amid these, analysts have noted that the structural integrity of DOGE is still in place, suggesting market stability. The price action has not experienced a sharp decline but is heading toward a familiar rebalance area at $0.176 -$0.178, which Griffiths opines is an indicator of solid market interest.
Source: X
Dogecoin’s Support and Resistance Levels
The main clue to act in the market nowadays is to realize the trend of the prices, instead of betting on the price changes in the short run. The Order Block of the last 4 hours is a good area of support, and the FVG indicates to us imbalances in the market that may reveal good trading opportunities. Analysts expect DOGE to have an 18% upside potential and a target price of $0.21. His approach is deeply embedded in rational thinking, basing his strategy on the market structure, as opposed to making decisions based on emotions.
Analyst BitMonty shared his view on the recent price action of DOGE. He pointed out that the DOGE has formed a solid support at the 0.164 -0.17 area, and this could offer an accumulation point to traders. Analyst anticipates near-term sideways movements, indicating a period of consolidation. Nevertheless, he views this as a preliminary to the next bullish step, and the support level provides a firm base in anticipation of future profit.
Source: X
As of press time, Dogecoin (DOGE) is currently trading at $0.1776, and its 24-hour trading volume is equivalent to $1.1 billion. In the past day, the price has increased by 1.64%, yet in the past week, the price has dropped by 4.58%.
The market structure of DOGE is currently favorable. Griffiths discusses strategic positioning based on market structure, whereas BitMonty proposes using the existing support zone to accumulate. With DOGE consolidating at crucial levels, there is a high possibility of the asset moving in the upward direction, and traders can take advantage of the future gains.
