Dogecoin Price Analysis: Consolidation and Technical Indicators Point to a New Breakout?
news
1 min read
Dogecoin Price Consolidation: Volume, Resistance, And Technical Indicators Point To Another Breakout
The price of Dogecoin (DOGE) has been experiencing a tumultuous ride in recent times, with the cryptocurrency struggling to break above its current support level of $0.402. In an updated analysis, prominent crypto analyst Ghazi has reassessed the situation and shared his latest insights on the DOGE market.
Consolidation Before Another Breakout
As the DOGE price consolidates around its current levels, Ghazi highlights that this stability could potentially be a precursor to another significant breakout. The analyst emphasizes that a failure to break above this level would lead to further support at $0.385, which is likely to be tested if the price falls short of the predicted breakthrough.
A Close Above Resistance
Ghazi stresses that a decisive close above the key resistance level on higher timeframes (4-hour or daily) will confirm the breakout and trigger a potential surge in the DOGE price. The analyst notes that this move would also necessitate significant buying pressure, which should be accompanied by increased trading volume.
Support Level To Watch
While there is a possibility of DOGE falling below $0.402, Ghazi remains optimistic about its future prospects. The analyst believes that the cryptocurrency will eventually bounce back and test its long-standing resistance level at $0.42 if the initial breakout fails to occur.
Breakout Confirmation Signals
Source: bitcoinist.com
