Dogecoin (DOGE) has obstacles hindering its upward trajectory, but on the other hand, it has a significant long-term probability of a surge that can easily surpass what other assets will yield. Presently, market sentiment still remains bearish, with Bitcoin experiencing a huge slump since ATH, thereby causing similar trends in altcoins and meme coins.
While writing this article, DOGE and Bitcoin have gone down sharply. At the moment, DOGE is changing hands at $0.136569, with a 24-hour trading volume reaching $3.15 billion and a market capitalization of $19.60 billion. On the last day, DOGE had losses of 9.70%, while over this week, it dropped by 22%.
Source: CoinMarketcap
Dogecoin’s Price Fluctuates Between $0.12 & $0.20
Crypto analyst Rekt Capital has recently provided insights into the trajectory of Dogecoin (DOGE), highlighting several key developments. Firstly, it’s noted that Dogecoin has broken its long-term downtrend, signifying a potential shift in its overall market direction. This breakthrough suggests a possible reversal of the previous bearish sentiment surrounding the cryptocurrency.
Dogecoin has also had an amazing reassessment recently, which rekt capital highlights. By re-embracing this former drop-off DOGE just about two weeks ago, it allowed its price to find a new support level. This triumphant reassessment not only indicates the change in direction but also shows how past resistance turned into a strong base that supports the movement of cryptocurrency prices.
However, despite these positive occurrences, Dogecoin’s valuation is presently tumbling down. This fall therefore indicates that the coin continues to remain within the stage of reassessments where it consolidates itself and confirms its newly created support line. The importance of this phase cannot be overemphasized as it proves whether Dogecoin’s rise is sustainable and can protect it against market instability.
Additionally, Dogecoin’s price action is characterized by sideways movement within a newly defined macro range, according to Rekt Capital. This range is marked off by black and red lines, and prices oscillate between $0.12 to $0.20.
Furthermore, Stockmoney Lizards, another cryptocurrency analyst, has shown bullishness about future DOGE price actions. They also pinpoint that DOGE is not like other meme coins because it can have real-life uses. Confidence in this trajectory is gained from the visible patterns forming on the charts that show an encouraging trend for DOGE. Truly, interesting things lay ahead for this coin.
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