Dogecoin is consolidated in a symmetrical triangle, moving between $ 0.22 support and resistance levels of $ 0.293. This formation indicates that in case of a possible break, it will rise around 25 %.
Dogecoin approaches fracture
According to technical analysis, Dogecoin moves within the rising symmetrical triangular formation. This type of formation usually occurs before a break. The price is fluctuating between the two narrowed trend lines, while the market remains uncertain. Analysts think that Dogecoin’s chances of breaking as they approach the summit of the triangle.
The upward movement of the price can support the rise by moving Dogge over the main resistance level. However, in case of a downward breakage, the price is likely to test critical support levels. The change in Dogecoin’s value will be directly linked to market speculation and general crypto currency trends.
In particular, Bitcoin’s price movements may affect the performance of breast coins such as Dogecoin. The strong or rise of Bitcoin can support the rise of Dogecoin. However, in case of a major decrease in the market, sales pressure on Dogge may increase.
The next critical support and resistance levels
An analyst from the More Crypto online YouTube channel has identified significant levels of support and resistance by elaborating the Dogecoin price movements. According to the analyst, Dogecoin has been watching a horizontal course for the last ten days and attempted to recover after the sales wave on February 3, but has not exceeded $ 0.34.
The current consolidation process indicates that the price is stuck in a certain range and there is no clear rise signal yet. If the price follows the ABC correction structure, there is a possibility of falling below $ 0.238.
In addition, large investors (whales) despite the decrease in the Dogge accumulation is seen to abstain. This shows that a strong rise tendency has not yet occurred and that investor sensitivity is fragile. If the purchase interest does not increase, the cost of the Dogecoin may extend the consolidation process or experience a downward movement.
Dogecoin Price Status in Existing Market Conditions
Analysts say that the expectation of rise is valid as long as Dogecoin remains above $ 0.22 support level. This level is critical because it corresponds to 78.6 %Fibonacci withdrawal level. If the price remains above this level, the probability of upward breaking will increase.
However, if the price drops below $ 0.22, market sensitivity may return to negative and the Dogge price may decrease to $ 0.204. On the other hand, exceeding the level of $ 0.293 is considered as the first rise signal, while increasing over $ 0.342 will lead to a strong rise.
Currently, the cost of Dogecoin (Doge) is traded for $ 0.2523 and the market value is $ 37.38 billion. The transaction volume in the last 24 hours has been recorded as $ 1.11 billion, which shows that the market activity is high despite price fluctuations. Kriptokoin.comYou can take a look at this article for the Dogecoin price analysis for the 0.23 support zone we have transferred as.
