- Dogecoin price remains range-bound between $0.10 and $0.30, with resistance at $0.30 and support at $0.10.
- Dogecoin RSI at 55.3 shows room for growth, indicating potential for upward movement before reaching overbought conditions.
- MACD indicates positive momentum for Dogecoin, with buyers in control, suggesting a possible breakout above $0.30.
Dogecoin price has been living in a limited range, regularly touching some support at 0.10 and resistance at 0.30. Whether Dogecoin will manage to break out of its consolidation or stay within its known range will determine the next major price movement.
These levels are particularly crucial, with traders and investors keep a close eye, as either a fall above or a crack below these levels could set the future course of the cryptocurrency to accelerate to a leap at $0.70.
Resistance Levels Keep Dogecoin Price in Check
Dogecoin price is also in the range of $0.10 to $0.30. The resistance at $0.30 is not easily surpassed. The price has several times tried to push higher beyond this resistance but has not been able to sustain bullish action, implying that it is a major barrier to Dogecoin.
As long as this resistance holds, Dogecoin is expected to continue consolidating within its existing range and movements to no longer than that range.
Source: ali_chartsn/X
However, the $0.10 support level has held strong, preventing further losses and allowing for further price consolidation. Dogecoin’s price will be stuck in the same range unless it breaks above $0.30 or below $0.10. In the meantime, traders are awaiting a breakout that could potentially pave the path for a rally to $0.70.
Dogecoin Price Poised for Breakout as Key Indicators Show Bullish Momentum
The technical indicators of Dogecoin hint at a possible bull breakout, as the volume increased by 66.82% to 6.44 billion and the open interest increased by 6.03%. These rises are the signs of increasing market interest, which is usually the indication of the possibility of a larger price move. Volatility expectations are also supported by the small increase in options open interest.
Source: CoinGlass
Options volume has declined by 48.48%, but the overall activity of the market states that Dogecoin can manage to breach the important level of $0.30. In case this level is broken, it might cause buying pressure, resulting in a pronounced price impulse and a transition to a bullish trend.
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