Dogecoin (DOGE) is fixated on a crucial juncture in its price trajectory. Having recently faltered at the previous range-high, the cryptocurrency community eagerly awaits to see whether history will repeat itself.
DOGE bulls, ever resilient, have their sights firmly set on re-targeting $0.075 – a level that could signify a significant breakthrough if achieved.
As the digital coin continues to command headlines and curiosity, the question on everyone’s mind is whether DOGE can overcome this critical hurdle and forge a path toward new heights.
DOGE Bulls Eye Crucial Re-Entry As Price Finds Support
As per Coingecko data, DOGE currently stands at $0.071, displaying 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 established higher highs and lows since mid-June, granting bulls a favorable advantage.
Source: Coingecko
However, the recovery momentarily stumbled upon reaching the previous range-high of $0.0751. Nevertheless, bullish investors saw an opportunity for re-entry at the price imbalance and FVG (fair value gap) located between $0.0694 to $0.0655.
A DOGE price report reveals a notable pattern where generally, the price tends to hit the FVG before resuming its prior trajectory. This trend has been evident as DOGE has already experienced two rebounds from the FVG zone. Furthermore, this FVG range aligns harmoniously with the ascending trendline support.
Dogecoin (DOGE) has a market cap of $10 billion today. Chart: TradingView.com
Considering this backdrop, a price rejection at the previous range-high of $0.075 might find support at the above confluence area. Therefore, this confluence area holds significant interest for bullish investors, as it could offer another compelling buying opportunity.
Dogecoin Faces Mixed Sentiments
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, signaling a significant decline in value.
Amidst conflicting views among analysts, some with a bullish outlook foresee a potential surge toward $0.07. However, contrasting opinions assert a more pessimistic perspective, predicting a likely dip 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, realizing that such levels may not necessarily translate to the high long-term ROI they once expected.
Consequently, many opt to diversify their investments, seeking alternative opportunities beyond the world of meme coins.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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