- Dogecoin price holds firm at $0.23, with resistance at $0.30 and support levels at $0.20 and $0.18.
- Volume for Dogecoin has decreased by 3.19%, signaling potential market indecision.
- Dogecoin market sentiment remains bullish, with more long positions than short positions on major exchanges.
The Dogecoin price has demonstrated significant strength against the support level of $0.23, prompting traders to discuss the possibility of a breakout. The cryptocurrency has been fluctuating in the past few weeks but has still stabilized around this critical level, potentially indicating an impending price direction.
Dogecoin Price Resistance and Support Levels to Monitor
Dogecoin price has shown several times facing high resistance at $0.28 to $0.30 levels and rejections pointing at dogecoin bulls unable to find their way up due to its resistance. If the price attempts a breakout above $0.30, new target levels are possible, up to the current high of $0.36, followed by new resistance.
Source: Ali_Charts/X
Analyst Ali_Charts notes that the support at the price point of $0.23 has been impressive, with Dogecoin price bouncing off this price several times, indicating a strong foundation in terms of price stability. Nonetheless, should the price decisively close below the $0.23 level, it would reveal a change in direction, with a pullback likely to ensue.
The price level of $0.20 and $0.18, in that case, would turn out to be critical areas of support that need to be monitored as they would define the direction that the cryptocurrency would take.
Volume and Market Sentiment Around Dogecoin Price
The trading volume on Dogecoin price has declined by 3.19%, indicating that the market is becoming less interested, and the open interest is almost halved, which is a sign of trader inactivity.
Nevertheless, the overall attitude is bullish, as the long positions are more dominant in terms of quantity on various exchanges, including the mentioned Binance, where there is an expectation of a price increase.
Source: CoinGlass
As DOGE levels off around the $0.23 price area, market players will be watching closely to see the possibility of breakout or break-down movements. The near-term price direction may be primarily driven by how the markets respond to these important levels, and the volatility may increase in that case. Market response would be a key factor in the short term direction of DOGE.
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