Dogecoin’s recent price movement is characterized by an extension of the downward trend since late May from $0.25. Dogecoin hovered above $0.18 for most of the last seven days, failing to produce any meaningful upward movement. However, in the past 24 hours Price is lower than this level, Temporarily violate support and then rebounded at $0.17 area.
Price of $0.17 Points are important for dogsSince it is the daily support level within the downgrade channel, the channel has been suppressing the price action of meme coins since December 2024.
Channels suppress dog prices, but not for long
according to For crypto analyst mmbtrader, Dogecoin’s price action is limited to a downward channel that has restricted every upward attempt since the beginning of the year. The resistance along the upper boundary of the channel repeatedly rejects Dogecoin’s gathering attempt, forcing it to lower again each time. However, analysts believe that the model may be about to end.
The chart shared by MMBTRADER shows that Dogecoin is now on the road to test the upper resistor of the down-frequency channel again. If Memecoin successfully breaks this pattern this time, it could trigger the price level of large pumps. However, current price action suggests that Dogecoin must first stay at a support level of around $0.17.
Away from this level of support, Dogecoin also needs to exceed immediate resistance at $0.205 and have enough faith. besides, Push to $0.23 Will be enough to surpass this downward channel.
Upward target extends to $0.3 and above
The above image shows the speculative trajectory outlined in green. This trajectory illustrates breakthroughs over $0.205 and $0.23, followed by Towards Support turned to $0.3. However, the breakthrough plan depends on Dogecoin, which not only clears the channel’s resistance but also exceeds the significant support of $0.17.
Current settings A successful breakthrough A fierce momentum wave can be emitted above the descending channel. If this breakthrough is successful, analysts point to a long-term target of bullish $0.75 and $1. Try to firmly exceed the $0.40 area.
Meanwhile, Dogecoin’s new climax journey looks very weak. At the time of writing, Dogecoin is trading at $0.1852, up 5.2% over the past 24 hours. Trading volume was about $1.01 billion, a 50% decrease over the same time frame. This difference between price recovery and volume shrinkage suggests that the purchase conviction remains weak.
Even so, Dogecoin’s support continues to remain in the company around $0.17. As long as Dogecoin transactions are above this price level, breakthroughs above the decline channels are still in play.
Featured images from Unsplash, charts for TradingView
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