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**Dogecoin Price Consolidation: Volume, Resistance, And Technical Indicators Point To Another Breakout**
In a surprising turn of events, the Dogecoin (DOGE) price has entered into a consolidation phase, leading many to question its potential breakout. However, according to recent analysis by Ghazi, DOGE’s trading volume, resistance levels, and technical indicators suggest that this is only a temporary setback before another significant surge.
In his latest update, Ghazi emphasized the importance of closely monitoring the DOGE price action. He highlighted that, in case of a break below the $0.402 support level, the asset could potentially drop to $0.385. This decline would be significant and might raise concerns about DOGE’s long-term potential.
Despite this possibility, the analyst remains optimistic about DOGE’s prospects. Ghazi believes that the digital currency is unlikely to fall further without first experiencing a last-minute rally or retest of previous highs. The trading volume has remained stable, indicating that market sentiment still favors a breakout rather than a collapse.
Furthermore, recent technical indicators have strengthened Ghazi’s thesis regarding a potential DOGE price surge. These indicators suggest that the asset may be poised to break out from its current range and head towards new all-time highs.
Key Breakout Confirmation Signals To Watch
Ghazi has outlined specific signals for investors and traders to monitor as confirmation of a breakout:
1. **Close above key resistance**: A decisive close above the 4-hour or daily Dogecoin chart would confirm a successful breakout.
2. **Increased trading volume**: Notable increase in trading volume during the breakout would validate the heightened buying pressure and market participation.
3. **Retest of broken resistance**: Successful retest of the broken resistance level at $0.408, turning it into a support zone, would further solidify Ghazi’s bullish Dogecoin breakout forecast.
In light of these factors, Ghazi advises traders to set stop-loss orders and adjust their position sizes according to risk tolerance as they prepare for potential market volatility during this price action.
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Source: bitcoinist.com
