Dogecoin price is hovering near key support at $0.19. Market analysts Ali and Javon Marks suggest that the next move could determine whether Dogecoin rallies toward $10 or higher or sees further downside toward $0.12.
Dogecoin Price Key Support and Resistance Levels
According to market analyst Ali, the $0.19 support level is essential for a bullish setup in Dogecoin.
This price zone is a major one and it is coinciding with a key Fibonacci retracement level which has remained as a major support level in the path of higher prices.
If DOGE price stays above this level, the possibility of another push higher will be further supported by accumulation.
Resistance levels are important in showing how far a rally could go in the future.
Analyst Ali Martinez provided key levels are $0.40, $1.00, $4.10, and $10.00, with Fibonacci extensions indicating that they may act as breakout levels.
Nevertheless, a failure at this level leads to a bearish sentiment towards $0.12 or $0.066 both of which are the previous accumulation areas.
Market Trends Indicate Mixed Sentiment
According to the current trends in the markets, trading volumes and open interest have declined, indicating a low participation rate.
This is as a result of Dogecoin’s 24-hour trading volume reducing by 23% and the open interest has also reduced by 4%.
More so, Dogecoin price market capitalization declined by 2.33% despite growing investor confidence.
However, Dogecoin has been trading within an ascending channel, suggesting that accumulation may still be occurring.
Purchasing pressure and demand from buyers will ensure that DOGE points towards the upward trend and expands to higher price ranges.
Javon Marks Highlights Dogecoin’s Historical Bull Cycles
Moreover, market analysts have drawn attention to Dogecoin’s historical price cycles, which have demonstrated consecutive exponential growth.
According to Javon, DOGE in 2017 grew by 90X and in 2021 the price increased by 306X due to increasing retail participation and celebrity endorsement.
If the same trend is followed this coming 2024, Dogecoin price may surpass the prior bull cycle run and soar through the $20 range.
According to Javon, there’s higher potential in the future of the current market cycle supporting positive market sentiment.
Can Dogecoin Price Continue Moving Up?
According to the analysis, the $0.19 support level is still the key focal point that will define Dogecoin price direction.
A technical analyst estimates that, if this level persists, DOGE can break through resistance levels of $1.00, $4.10, and $10.00.
But, if the support level is broken, we may observe a decrease to $0.12 or $0.066 and consolidation.
Currently, DOGE is in a sideways pattern and can be considered at a turning point that could lead to a highly bullish or bearish trend.
Dogecoin (DOGE) was trading at $0.2489, reflecting a 2.96% decline in the past 24 hours at press time.
The 24-hour trading volume surged by 7.05%, reaching $1.9 billion, indicating increased market activity.
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