Dogecoin seems to be hanging steady at an important price level that has kept it from falling further. Short-term trade statistics show that Dogecoin has lately experienced price growth and is currently taking a little break.
Right now, the DOGE price is only gathering its breath following the recent surge rather than making any significant up or down movements. This period of calm trading could be a hint that another price jump might be coming soon.
The prominent analyst CryptoJobs points to this support level as holding firmly, setting the stage for the next leg up. With increasing market anticipation, the question remains: Is Dogecoin about to break out?
What you'll learn 👉
DOGE Chart Analysis: Support Zone Holding Steady
The chart analysis identifies a key support zone for DOGE, positioned between $0.0610 and $0.0612. This level has been tested multiple times, demonstrating its strength in maintaining price stability. As DOGE price trades slightly above this zone, the support has prevented further declines, allowing for potential accumulation.
The presence of an ascending trendline adds further reinforcement to this level. The trendline, which acts as rising support, suggests bullish sentiment, as DOGE has consistently bounced off it, showcasing buyers’ confidence.
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Show more +While the support zone remains intact, attention shifts to the resistance levels. The DOGE chart highlights two key resistances: $0.0619 and $0.0626. The $0.0619 level marks the initial hurdle that DOGE needs to overcome for a bullish continuation. If the price breaks through, the next resistance at $0.0626 becomes the focus.
The analysis projects a possible move towards $0.0626, but this would require surpassing the immediate resistance. Traders are watching these levels, as any upward movement could signify the start of a new rally.
Tweet Suggests Bullish Sentiment
CryptoJobs emphasizes that the support zone is “holding nicely.” This statement reflects confidence in the strength of the current support level.
The tweet also mentions “loading for a next leg up,” suggesting that traders could be preparing for another upward move. This aligns with the chart’s projection, which anticipates a potential breakout if the price holds its support.
The optimism reflected in the tweet mirrors the market’s current sentiment, with many anticipating a bullish run should the DOGE price break through to overcome its resistance barriers.
Read Also: Experts Predict Litecoin (LTC) Price to Hit 4 Digits – Major Rally Ahead?
Bullish Projection Ahead
The overall trend on the 15-minute timeframe appears bullish. Consolidation near support, along with a diagonal ascending trendline, hints at a continuation pattern. A green arrow on the chart suggests a rally towards the $0.0626 range, but only if the price holds above the $0.0610-$0.0612 support and surpasses $0.0619.
Though volume indicators were not provided, the current price action and sentiment suggest that buyers are preparing to push DOGE higher. If the support remains strong, DOGE may be poised for a short-term rally, with $0.0626 serving as the next significant level.
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