Dogecoin’s price has taken a hit recently, dropping 23% over the past ten days. Currently trading near the $0.300 level, the meme coin faces critical resistance and support challenges, raising questions about its next big move.
The Big Picture
Recent Performance: $DOGE surged 366% from October to early December, marking a strong rally. However, buyers have recently booked profits, leading to a 32% drop from December highs.
Current Status: Trading at $0.315, Dogecoin is down by 5.32% over the past 24 hours, with a market cap of $46.58 billion and a 24-hour trading volume of $2.54 billion.
Will Another Bull Run Ignite?
Crypto analyst Tradigrade shared insights on DOGE's pattern, suggesting the price may experience another bull run. According to his analysis, DOGE has completed a three-year accumulation phase and could be gearing up for a new upward trend.
Key Levels to Watch
Support Zone: The $0.300 mark is critical. If DOGE defends this level, it could signal a potential rebound.
Resistance Levels: Breaking above the 20-day EMA is crucial for bullish momentum. Sustaining above it might lead to new all-time highs.
Downside Risks: A dip below $0.300 could push the price to the 200-day EMA, sparking further selling pressure.
What’s Next for DOGE?
If buyers step in and DOGE maintains key support levels, the coin could see another bullish rally. However, breaking below critical thresholds could delay recovery efforts and create panic among traders.
Dogecoin remains a strong contender in the meme coin market, and its trajectory will largely depend on how it performs around these pivotal levels.
Note: Analysis and chart reflect data trends as of December 26, 2024