Dogecoin Price Prediction, Can Bulls hold the Support

Dogecoin on the edge of a crucial breakout, signaling an imminent move

Amid the recent crypto market surge, DOGE price made a bold bid to escape a year-long downtrend. Regrettably, it couldn't maintain levels above this trendline, leading to a price reversal. This indicates that substantial overhead supply pressure endures, and the correction endures. The Dogecoin price being squeezed within a tight range may set the stage for an imminent breakout.

Technical  View:

According to Coingabbar Price Analysis, On October 16th, Dogecoin encountered its fifth rejection from a persistent resistance trendline. The daily candle revealed a high wick, signifying strong overhead supply. Over the past 2.5 years, an ascending support trendline has consistently propped up Dogecoin during market downturns, serving as a dependable accumulation zone. Although Dogecoin briefly broke below this support level on October 9, it quickly reversed the trend. Any reversal or breach of this vital support level should worry investors, possibly triggering a significant Dogecoin correction.

KEY LEVELS :

RESISTANCE LEVEL : $0.05950-$0.06170

SUPPORT LEVEL : $0.05720-$0.05500

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.