Dogecoin’s latest price movement was marked by a longer downward trend of $ 0.25 since the end of May. In most of the last seven days, Dogecoin hovered just above the 0.18 US dollar brand and was unable to create a sensible upward movement. In the last 24 hours, however, Price below this level, Temporarily against the support of the back rash of the zone of 0.17 US dollars.
The price of $ 0.17 Point is significant for dotecoinHow it serves as a daily support level in a descending channel that has suppressed the Prize campaign of the Meme Coin since December 2024.
Canal suppresses the price coin price, but not long
After On Crypto Analyst MMBTrader, The price campaign of Dogecoin was limited to a descending channel that has followed every upward attempt since the beginning of the year. The resistance along the upper border of this channel repeatedly rejected Dogecoin’s rally attempts and forced it to a lower one every time. However, the analyst believes that this pattern approaches its end.
The diagram divided by MMBTrader shows that Dogecoin is now on the way to testing the upper resistance of the descending channel again. If this time the Memecoin succeeds in breaking this pattern, it can trigger a heavy pump in the direction of higher price levels. However, the current price campaign shows that Dogecoin must first hold $ 0.17.
Apart from this level of support, Dogecoin must also exceed the immediate resistance of $ 0.205 with sufficient conviction. In addition, beyond A pressure towards 0.23 US dollars It will be enough to break over this descending channel.
Serious goals extend to 0.3 US dollars and beyond
The above diagram shows a speculative trajectory. This trajectory shows an outbreak of $ 0.205 and $ 0.23, followed Through a march towards the Support for support with the resistance of $ 0.3. However, the Breakout scenario depends on Dogecoin, which holds both channel resistance and the significant support of USD 0.17.
The current setup indicates that a successful outbreak The start of an intensive impulse wave could signal above the descending channel. If this outbreak is successful, the analyst refers to bullish long -term goals of $ 0.75 and 1 USD, the price should Create it to close firmly above the zone of USD 0.40.
In the meantime, Dogecoins trip to new all -time highs looks very weak. At the time of the letter, Dotecoin acts with $ 0.1852, which has increased an increase of 5.2% in the last 24 hours. The trading volume is approximately 1.01 billion US dollars, which corresponds to a reduction of 50% within the same time frame. This divergence between price recovery and volume control shows that the purchase of convictions is still weak.
Nevertheless, the support of Dogecoin continues around 0.17 US dollars. As long as Dogecoin acts above this price level, an interruption above the descending channel is still involved.
Selected picture of Unsplash, Diagram from Tradingview
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