The recent price of Dogecoin has been characterized by a long tension of $ 0.25 since late May. During most of the past seven days, Dogecoin hovered over a $ 0.18 sign, unable to generate any meaningful upward movement. However, during the past 24 hours, The price decreased without this level, Summarize the support for a moment before the recovery area of $ 0.17.
The price of $ 0.17 The point is important for DogecoinSince it is a daily support level within a convergence channel that discourages the price of Meme Coin since December 2024.
Dogecoin suppression channel, but not for a long time
According to To MMBTRADER, Dogecoin’s work has been restricted to a convergence channel that has been constantly restricted to every upward attempt since the beginning of the year. The resistance along the upper border of this channel has repeatedly rejected the attempts of Dogecoin, forcing it to return to the highest level at the time. However, the analyst believes that this style may approach its end.
The chart shared by MMBTRADER DOGECOIN is now showing the upper resistance test of the concession channel again. If Memecoin succeeds in breaking this style this time, this may lead to a heavy pump towards higher price levels. However, the current price procedure indicates that Dogecoin should first hold about $ 0.17 support.
Away from this support level, Dogecoin also needs to break the immediate resistance at $ 0.205 with adequate condemnation. Beyond that, A batch of about $ 0.23 It will be enough to break above this descending canal.
The upward targets extend about $ 0.3 and beyond
The above chart shows the course of the specified speculation in green. This path shows an outbreak of more than $ 0.205 and $ 0.23, followed By a march towards The support level that turned into a resistance of $ 0.3. However, the penetration scenario depends on Dogecoin to disinfect both the channel’s resistance and keep the great support at $ 0.17.
Current preparation It indicates that a successful penetration Above the descending canal it can indicate the beginning of a wave of condensed momentum. If this penetration succeeds, the analyst refers to the long -term bullish goals of $ 0.75 and $ 1, if the price is He managed to close firmly over the $ 0.40 area.
Meanwhile, the Dogecoin trip looks up to its highest levels ever very weak. At the time of this report, Dogecoin is traded at $ 0.1852, an increase of 5.2 % in the past 24 hours. Trading volume is about $ 1.01 billion, which represents a 50 % reduction in the same time frame. This difference between price recovery and shrinkage indicates that purchasing condemnation is still weak.
However, Dogecoin’s support is about $ 0.17 to keep it. As long as Dogecoin is trading higher than this price level, a lounge is higher than the rolling channel is still in play.
Distinctive image from Unsplash, tradingvief chart
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