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DOGECOIN PRICE ANALYSIS & PREDICTION (December 29) – Doge Traps In Consolidation Amid Low Volatility, Potential Break?
The past week’s trading has been marked by a lack of momentum as Dogecoin failed to initiate a significant move due to substantial volatility drops across the market. As a result, the meme coin is now stuck in consolidation mode.
In recent hours, DOGE has displayed signs of strength, but its movement remains trapped within this range-bound pattern. The cryptocurrency has consistently stayed above the $0.3 mark following a sharp rejection at $0.26, which previously acted as a monthly low. This brief pause in correction has failed to yield a major recovery.
However, the recent downturn in volatility has led to a consolidation phase, indicating indecisiveness in the market. As observed on the daily chart, Dogecoin is struggling with volatility and has yet to signal its next significant move, although it exhibits signs of strength on this chart.
The prolonged period of low trading activity, which began at the start of the week, might come to an end if buying volume increases. It’s essential to note that last week’s rejection suggests exhaustion in the correction, while a breakdown could result in a more extended correction until finding a solid support level.
Moreover, it is crucial to recognize that the monthly correctional phase remains intact on the daily chart. Any significant move from its current trading position will determine the direction of the price.
A major concern for DOGE investors and traders is the potential for the cryptocurrency’s price to drop below the $0.3 mark if it cannot regain momentum. Losing grip above this level could prompt a retreat to the $0.262 support zone. A breakdown from there might push the price as low as $0.22 or even $0.18.
Conversely, resuming its bullish trajectory will necessitate DOGE reclaiming the immediate resistance at $0.365 and the monthly high of $0.48. Overcoming these levels could spark a surge to $0.6 before potentially reaching the crucial $1 level by the end of this bull run.
Key Resistance Levels: $0.365, $0.48, $0.6
Key Support Levels: $0.262, $0.22, $0.18
Spot Price: $0.345
Trend: Bullish
Volatility: Low
Source: nulltx.com
