July 24, 2024

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Dogecoin Must Do This One Thing For Price To Hit $0.1, Here Is Why?

2 min read
Dogecoin Must Do This One Thing For Price To Hit alt=
  • DOGE price breaks down into a ranging channel as price failed to break above resistance, holding price from trending higher. 
  • DOGE trades below 50 and 200-day Exponential Moving Average as the price struggles to regain bullish signs as the price continues ranging in a channel. 
  • The price of DOGE needs to break out of the channel with good volume to rally high to a region of $0.1. 

Dogecoin (DOGE) prices continue to struggle as they range in a channel to rekindle their bullish movement against tether (USDT). Dogecoin (DOGE) and other crypto assets experienced a relief bounce in recent weeks, which saw the crypto market cap look good for cryptocurrencies across the industry, with many producing double-digit gains. DOGE showed some relief bounces but was quickly rejected into a range price movement. (Data from Binance) 

Dogecoin (DOGE) Price Analysis On The Weekly Chart

Despite having had a difficult few months, with the price falling to a low of $0.05, a 70% drop from an all-time high of $0.6, and many glamouring for $1. Due to market conditions, this incredible price movement was cut short. The crypto market has been in a bear market for more than six months, causing many crypto assets to retest their weekly lows while others cling to key support.

After rallying to a high of $0.08, the price of DOGE fell to a weekly low of $O.05, where the price held strong after forming support, and this region appeared to be a demand zone for prices.

DOGE price bounced off this region of $0.05 as the price rallied to a weekly high of $0.66 as the price faced resistance to breaking higher as the price range in a channel.

DOGE’s price has since remained within its range as it prepares to break out of it in order to retest the resistance at $0.08.

Weekly resistance for the price of DOGE – $0.08.

Weekly support for the price of DOGE – $0.05.

Price Analysis Of DOGE On The Daily (1D) Chart

On a daily basis, the price of DOGE remains below the 50-day and 200-day Exponential Moving Averages (EMA), which is not conducive to an upward price trend in the short term. The prices of $0.08 and $0.062 correspond to the prices at the 50 and 200 EMAs, which act as DOGE resistance.

For the price of DOGE to resume its bullish trend, it must break above $0.08 with good volume closing above it. The price of DOGE remains range-bound as it needs to break out to the upside to resume its bullish movement; a break to the downside would send the price of DOGE to a daily low of $0.05 and likely lower.

Daily resistance for the DOGE price – $0.08.

Daily support for the DOGE price – $0.05.

Featured Image From Finbold, Charts From Tradingview