Dogecoin’s latest price movement has been characterized by a long -term decline from $ 0.25 since the end of May. During most of the last seven days, Dogecoin hovered just above the $ 0.18 mark, which could not generate any meaningful movement upwards. But within the past 24 hours price dipped below this level, temporarily breaks support before recovering by $ 0.17 zone.
The price of $ 0.17 The point is important for dogecoinBecause it acts as a daily support level within a falling channel that has suppressed the price measure of the MEME coin since December 2024.
Channel suppresses the Dogecoin Prize, but not long
In accordance with To Crypto Analyst MMBtrader, Dogecoin’s price measure has been limited to a falling channel that has consistently limited every upward attempt since the beginning of the year. The resistance along the upper limit of this channel has repeatedly rejected Dogecoin’s rally attempt and forced it back to a lower high every time. However, the analyst believes that this pattern can approach.
The diagram shared by MMBtrader shows that Dogecoin is now about to test the upper resistance for the falling channel again. If Memecoin manages to break this pattern this time, it can trigger a heavy pump against higher price levels. However, the current price measure indicates that Dogecoin must first hold above the level of support about $ 0.17.
Away from this support level, Dogecoin must also break over the immediate resistance to $ 0.205 with enough conviction. Beyond that, a push against $ 0.23 enough to break over this falling channel.
Upward targets extend toward $ 0.3 and thereafter
The diagram above shows a speculative path described in green. This course illustrates a breakout over $ 0.205 and $ 0.23, followed at a march toward Support-turned resistance level of $ 0.3. However, the outbreak scenario hangs on Dogecoin and cleans both the channel resistance and holds over the significant support of $ 0.17.
The current installation indicates that a successful breakout Above the falling channel can signal the beginning of an intensive momentum wave. If this breakout is successfully pointing the analyst at the hausse -like long -term target of $ 0.75 and $ 1, if the price would succeed in closing well over $ 0.40 zone.
Meanwhile, Dogecoin’s trip to the new All-Time Highs looks very weak. At the time of writing, Dogecoin is traded at $ 0.1852, an increase of 5.2% over the past 24 hours. Trade volume is approximately $ 1.01 billion, which corresponds to a 50% reduction within the same time frame. This difference between price recycling and volume contraction indicates that the purchase conference is still weak.
Despite this, Dogecoin’s support continues around $ 0.17 to hold. As long as Dogecoin acts above this price level, a break over the falling channel is still in play.
Image from Unsplash, charts from TradingView
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