Early indicators point towards Dogecoin being on the verge of making a strong rebound after finding support after its recent downturn. This optimism stems from technical analysis conducted by cryptocurrency trader BitGuru who shared insights through social media regarding this potential rise. Despite experiencing significant fluctuations in value recently, newfound support near $0.155 could pave the way towards its ascent towards $0.17; provided this level remains firm.
Steady Support Fuels Market Optimism
An analysis of Dogecoin’s recent price movements shows a pattern of initial price decrease from $0.22 at the start of February, followed by stabilization between $0.16 and $0.17 and an eventual surge near $0.21. Since then, its value has steadily corrected back towards $0.16 raising questions as to whether this dip has laid an adequate basis for further growth – with support around $0.155 providing significant resilience on multiple occasions.
This consolidation range between $0.16 and $0.17 is particularly significant, echoing a prior breakout region from late 2024. Furthermore, a dip to $0.155 marks an important change; what was once resistance has now become reliable support.
Potential Upswing Towards $0.17 on the Horizon
BitGuru suggests that Dogecoin’s recent market behavior resembles more of a bullish pullback than trend reversal, with an aim to solidify its support at $0.155 and reach its next objective, $0.17, which also corresponds with minor resistance areas seen during previous dips which now serve as hurdles to bullish momentum.
The market’s trajectory resembles a rounded retracement curve, often signaling an impending upward push if market sentiment remains positive. A successful breach above $0.17 could signal an attempt at reaching $0.18 to $0.20 range by month’s end; conversely, failure to maintain momentum and fall below support level could thwart these hopes and trigger bearish phases instead.
Dogecoin could experience a bearish decline below the $0.155 support due to excessive sell-offs, with prices possibly sinking as far as $0.13 and $0.11. Such an event would wipe away gains made since October 2024 and highlight the inherently volatile nature of cryptocurrency markets.
