- If Dogecoin breaks through resistance, it could target $0.171, suggesting a potential shift towards bullish momentum.
- A failure to hold above support could lead to a drop to $0.165, indicating weakening demand and potential price decline.
- Over the past 24 hours, Dogecoin’s price fluctuated between $0.169 and $0.171, reflecting market uncertainty.
Dogecoin (DOGE) is currently at a pivotal point on the hourly chart, presenting two potential outcomes. Investors are closely watching for a breakout or a breakdown as the price fluctuates near a crucial support level. With the price approaching critical levels, traders are bracing for movement in one direction.
Breakout Target Set at $0.171
Trader Tardigrade notes that if Dogecoin manages to break above current resistance, it could target the $0.171 mark. A breakout to this level would suggest increased buying pressure and a potential shift in the coin’s price momentum. Traders are looking for confirmation from a sustained rise past the resistance level to signal a continuation of the upward movement.
Conversely, a breakdown scenario sees Dogecoin moving towards the $0.165 mark. If the price fails to hold above the key support level, a downward trend could follow. A drop to $0.165 would suggest weakening demand, leading to further price decline. This scenario could be triggered by selling pressure, causing a shift in market sentiment.
Current Market Sentiment and Volatility
The current market sentiment surrounding Dogecoin remains mixed. With both breakout and breakdown targets clearly defined, traders are awaiting further price action. This volatility is characteristic of the cryptocurrency market, where price swings often happen rapidly. Therefore, both breakout and breakdown scenarios are possible, depending on how market participants respond in the coming hours.
According to CoinMarketCap data at the time of press, Dogecoin’s price currently stands at $0.1698, marking a 0.47% increase in the past 24 hours. The market cap of DOGE is $25.23 billion, and its trading volume in the past 24 hours has been $548.71 million, reflecting a 15.70% increase. The volume to market cap ratio stands at 2.17%.
Over the last 24 hours, the price of Dogecoin fluctuated within a range. It reached a high of $0.1710, with a slight dip to $0.1690 before recovering. At the time of writing, the price was at $0.1701. The circulating supply of Dogecoin is 148.55 billion DOGE, which matches its total supply.
