Dogecoin (DOGE) is fixated on a crucial moment in its price trajectory. After recently teetering on the previous range high, the cryptocurrency community is eagerly waiting for history to repeat itself.
Always resilient, DOGE bulls have their sights set to once again target $0.075 – a level that could represent a major break if reached.
As the digital coin continues to generate headlines and curiosity, the question on everyone’s mind is whether DOGE can overcome this critical hurdle and blaze a trail to new heights.
DOGE Bulls Eye Crucial Return as Price Finds Support
From Coingecko dataDOGE currently stands at $0.071, with a modest 24-hour rally of 0.5% alongside consistent seven-day gains of the same percentage. The recent price action indicates that DOGE has been making higher highs and lows since mid-June, giving bulls a favorable advantage.
Source: Coingecko
However, the recovery briefly stalled reaching the previous range high of $0.0751. Nevertheless, bullish investors saw an opportunity to re-enter against the price imbalance and FVG (fair value gap) between $0.0694 and $0.0655.
a DOGE price report reveals a remarkable pattern where price generally tends to hit the FVG before resuming its previous trajectory. This trend is evident as DOGE has already experienced two rebounds from the FVG zone. Moreover, this FVG range fits harmoniously with the ascending trendline support.
Dogecoin (DOGE) has a market cap of $10 billion today. Chart: TradingView.com
Given this background, a price rejection at the previous range high of $0.075 could find support in the above confluence area. Therefore, this confluence area is of great interest to bullish investors as it could present another attractive buying opportunity.
Dogecoin is facing mixed feelings
While Dogecoin’s popularity as a meme coin remains strong, a separate report paints a sad picture for the cryptocurrency, suggesting that investors are increasingly exploring alternative options. The once-hyped meme coin is trading more than 90% below its all-time high, suggesting a significant drop in value.
Amid conflicting views among analysts, some with a bullish outlook see a potential rise to $0.07. However, opposing views claim a more pessimistic perspective and predict a likely drop below $0.05.
DOGE price action in the last seven days. Source: Coingecko
Social media activity plays a substantial role in influencing the price of Dogecoin. While some future price predictions remain bullish, investors are now cautious, recognizing that such levels don’t necessarily translate into the high long-term ROI they once expected.
Consequently, many choose to diversify their investments, seeking alternative opportunities outside of the world of meme coins.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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