- The reason is that the current price range of summer in the year 016 is strengthened by the support base at 0.16 in connection with an old-term trendline, which offers heavy backing to buyers to take control.
- Technical indicators and Horizon lines signal that a breakout over $0.18 can see DOGE move from the $0.24 range to the $0.26 range.
- Following a corrective cycle, the recent price behavior indicates recovery, after which the next supply is resistance at the level of $0.19- 0.20.
Dogecoin (DOGE) continues to hold above the $0.16 support level, reinforcing market interest in the asset. This point has been consistent, as it has been converging with an upward-trending line that has been in place since the end of 2023. According to the analysts, the asset has recently pushed up off the 0.14-0.145 zone, preserving the long-term bullish setup.
A Futures open interest above $1.77 billion indicates increased involvement in DOGE trading. Simultaneously, the level of trading volume constantly increases, and this is, in many cases, the foundation of a long-term price. Additional context is one more benefit of on-chain data. The trends of accumulation and the Market Value to Realized Value (MVRV) ratio indicate that DOGE is still in no man’s land.
Technical indicators Portend a Rally to the top of the trend at $0.24
As far as technical indicators are concerned, there is some chance of a breakout. The Dogecoin is currently pushing at the resistance level of 0.18 and is expected to mark the 0.5 Fibonacci retracement of the last high, which peaked at nearly 0.60. If the price rises beyond this point with huge volume, DOGE may aim at the $0.21 region, which is denoted by the 0.618 Fibonacci level.
Chaikin Money Flow and Awesome Oscillator are momentum indicators that are now depicting a positive mood. As these indicators keep increasing, this can confirm the power of purchasing in the market. A successful surpassing of the $0.18 level would probably stimulate additional increases to the level of $0.24 to $0.26, and the next ceiling will be at the 0.786 Fibonacci mark.
Short-Term Chart Shows Recovery Signals Amid Broader Downtrend
Historical figures in the last three months reveal that DOGE witnessed a sharp increase towards the start of May and temporarily broke the $0.26 barrier before retracement occurred. The price then began to display a cycle of lower highs and lower lows, and towards the middle of June, it reached close to $0.15. It has since bounced back to 0.172, which shows a promising early formation of a possible bottom.
Dogecoin should be able to achieve a breakout above crucial resistance levels as $0.19- $0.20 to assure the momentum shift. This would curb the depressing trend that has been witnessed in the short term since May. In case buyers maintain control and the price is held above the level of $0.16, there would be a good bear continuation.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
