- Dogecoin price holds key support at $0.22, with a breakout above $0.24 targeting $0.27-$0.28 resistance levels.
- If DOGE price fails to maintain $0.22 support, price could drop to $0.19 or $0.16, key lower levels.
- Analysts eye $0.24 resistance for a potential Dogecoin rally, depending on support holding at $0.22.
Dogecoin price is showing signs of a potential bullish breakout as it tests key support levels and prepares for a possible push towards the $0.24 resistance zone. Market analysts suggest that if Dogecoin maintains its current support levels, the price could target higher resistance areas in the near term.
Dogecoin Price Key Support and Resistance Zones
According to analyst Man of Bitcoin, Dogecoin price is consolidating within a critical price range between $0.22 and $0.24. If the price holds above the $0.22 support zone, there is potential for a price increase towards $0.24. However, if Dogecoin fails to stay above this support, the price may fall to lower levels.
The support zone at $0.22 is significant, with analysts identifying it as a crucial level for a continuation of the bullish trend. “If we lose the current support zone $0.22, which is a significant support/resistance zone, I will be looking at lower levels,” man of bitcoin noted, referring to potential targets at $0.19 and $0.16, which are also important areas to monitor.
Source: Man of Bitcoin
On the upside, the first major resistance for Dogecoin price lies at the $0.24 level. If Dogecoin price breaks through this resistance, the price could potentially reach higher levels around $0.27 and $0.28. These levels would present further challenges, as selling pressure is expected to increase.
As long as the Dogecoin price holds above the $0.22 level, analysts Hardy suggest that the price could continue its upward movement. The focus is on whether the coin can maintain this support, which could lead to a stronger rally towards higher price targets. Market participants are closely watching this range, as it could signal a shift in momentum.
Source: Hardy/X
If Dogecoin price manages to break through key resistance levels, it could be poised for a more sustained rally in the coming weeks.
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