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Dogecoin price prediction – Traders, watch out for these key levels now!
Dogecoin [DOGE] has been struggling to regain its footing after a recent dip, with its price remaining trapped within a descending channel. The cryptocurrency faces critical resistance following the last trading session’s decline.
To gauge any potential breakout or continued decline, let us first examine some key support and resistance zones. As of the time of writing, Dogecoin is trading at $0.244, up by 2.12% over the past 24 hours. However, this recovery attempt encountered strong resistance near the $0.262-level, which aligns with the 0.236 Fibonacci retracement level.
Beyond this hurdle lies another critical point of contention – the $0.274-level, corresponding to the 0.382 Fibonacci level. Should DOGE manage a breakthrough above this range, it may attempt to reclaim the $0.284-point, in line with the 50% Fibonacci retracement level.
Meanwhile, on the downside, support formed around $0.238, preventing further declines for now. If DOGE fails to hold onto this zone, attention will shift towards the next key support at $0.220 – a psychological barrier that traders will be closely monitoring.
DOGE’s price action appears to be confined within a descending trend channel, which has hindered any meaningful bullish breakouts. The 50-day moving average, currently situated at $0.271, serves as dynamic resistance and reinforces the prevailing bearish sentiment.
Furthermore, the cryptocurrency’s market value-to-realized value [MVRV] ratio over the past month reveals a reading of -11.69%. This could signify that DOGE is undervalued in comparison to historical norms. However, this may also imply that the broader market is hesitant to push DOGE prices higher.
In order for Dogecoin to break free from its current downtrend, it must successfully reclaim the $0.274-level as a key pivot zone. A sustained move above this point might open the door for a rally towards $0.30 or beyond. On the other hand, failure to maintain support at $0.238 could result in DOGE plummeting towards $0.220 or even lower.
In light of cautious market sentiment, traders should carefully monitor volume and overall market conditions before making any decisive moves. The coming days will prove crucial in determining whether DOGE can regain momentum or if further decline is on the horizon.
Source: ambcrypto.com
