Highlights
- Dogecoin has recovered above $0.17, but market sentiment remains mixed.
- Strong buying interest may support upward movement in DOGE, but resistance at $0.18 is critical.
- Meanwhile, other analyst says a Bearish Tweezer pattern suggests potential downward pressure, with support at $0.143.
Dogecoin price has steadily recovered, recently surpassing the $0.17 mark. But, the current market landscape is uncertain, leading to mixed sentiments among participants.
Some analysts are optimistic, predicting a rally that could push the Dogecoin price as high as $0.60. They believe that a key breakout is imminent, which will determine the timeline for reaching these elevated levels.
Conversely, other analysts caution that the Dogecoin crypto has been under significant downward pressure for several months. This bearish sentiment has led some to forecast a possible decline toward the critical support level of $0.14 shortly.
Amid this backdrop of fluctuating opinions and price action, experts closely monitor Dogecoin to see which direction it will ultimately take. Keep reading to know more.
A Break Above $0.18 COuld Take Dogecoin price To $0.60
Crypto VIP Signal has pointed out that Dogecoin crypto trades within a critical support zone are between $0.143 and $0.149. If the price falls below this range, it could trigger selling pressure, potentially driving the DOGE price down to the next support level at $0.11.
Conversely, strong buying interest indicates that the Dogecoin price may hold above this support and continue its upward trajectory toward the next key levels. The market has shown resilience at these price points, which is enhancing the likelihood of a bullish reversal more likely.
Similarly, another analyst, Andrew Griffiths, shares this optimistic outlook, projecting potential price targets of $0.30, $0.45, and $0.60. A breakout above $0.18 could confirm a bullish trend, propelling the DOGE price toward these higher targets.
However, if the Dogecoin price struggles to break through resistance, it may enter a consolidation phase before making another attempt at a breakout. This phase will be crucial in determining the next directional move for the DOGE price.
Not All Experts Are Bullish: Analsys Says Fall To $0.14 Is A Possibility On Dogecoin Price
Market analysts are forecasting a potential 17% depreciation for the Dogecoin price, predicting it could drop to $0.14 in the coming days. The cryptocurrency has encountered resistance around the $0.18 mark and has struggled to maintain upward momentum against this barrier.
Analysts note that the DOGE price traces its movements within a descending channel, with the critical resistance level set at $0.18. If this resistance holds, it could push the Dogecoin price toward the next target of $0.14.
The support level at $0.14 is crucial; failing to hold this level could lead to further declines. Market analyst TATrader_Alan has also pointed out a Bearish Tweezer candlestick pattern on the Dogecoin price chart, indicating a potential reversal in price direction.
The Dogecoin crypto’s inability to break through the $0.176 resistance level further supports this bearish sentiment. As a result, the cryptocurrency may face additional downward pressure, with the next significant support level identified at $0.143.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
