Current analysis of Dogecoin indicates that the cryptocurrency is on the verge of significant movement, considering its trading and support levels.
Current Price and Support of DOGE
Currently, Dogecoin trades at $0.1739, which is 1.4% lower than the previous 24 hours. This level is just above a crucial support at $0.1738. Experts note that failure to maintain this support could lead to a downward correction of 30% towards the $0.12–$0.13 range.
Signals of Imminent Volatility
Chart study reveals that Dogecoin has been in a symmetrical triangle pattern since mid-March, indicating potential upcoming volatility. Convergent trend lines typically signify the price is preparing to consolidate before either breaking out or down. Analysts believe a breakout is imminent.
Key Fibonacci Levels and Market
Fibonacci retracements from the annual high to the recent low uncover several important zones. Resistance is located near $0.1785, coinciding with the 61.8% retracement level. A close above this level could ignite an attempt to $0.21 or even $0.25; however, a shift in the current neutral to bearish momentum is necessary for such an attempt.
The next few sessions are likely to be critical for Dogecoin's price movement, as the market will closely monitor trend reactions and volume.
