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Dogecoin has been in a slight downward trend in the past few days, and the price continues to fall. This Internet meme coin has been unable to break through $0.19 and is currently hovering between $0.17 and $0.18, entering a new round of consolidation. This move comes after multiple attempts at a rebound in October failed when it encountered resistance at $0.205. The current chart pattern has attracted the attention of many traders. It is generally believed that once the consolidation is over, there may be a significant rebound. Some analysts on social platform X also pointed out that this slow decline may be the accumulation of energy before the next round of rise. Dogecoin holds steady within tight range Technically, the price of Dogecoin has been trading sideways between $0.17 and $0.19 for several weeks, forming a clear support zone. Whenever the price hits the lower end of the range, buying orders rush in, effectively offsetting the selling pressure and preventing further declines. This shows that when the market is flat, there are actually people in the market who are quietly collecting funds. A similar situation occurred from the end of September to the beginning of October, when Dogecoin briefly rose to $0.26 after the consolidation ended. Judging from the chart, Dogecoin has been in a volatile range since October 10, trying to rebound many times but was blocked below the resistance level. By the last week of October, the price dipped further and settled at $0.17, before recovering slightly to $0.18. Some analysts view this move as a sign of a gradual return of buyer power. $0.17 has become a key support level that investors are paying attention to. As long as this position is held, the market still has a chance to rebound. Some investors have already begun to make arrangements in advance. As cryptocurrency analyst BitGuru mentioned on the X platform, “Buyers are already reentering the market. ”  The short-term price target may exceed $0.22 If Dogecoin can successfully break out of the current consolidation range, analysts predict that the price may surge above $0.20 or even approach $0.22. Although this is a short-term expectation, it is consistent with the upward trend of Dogecoin in early October. Once it can firmly stand above $0.20, the price target is expected to rise to around $0.27, and even further challenge the psychological barrier of $0.30. The key to forming this upward structure is whether the price can stop falling and rebound at $0.17, and achieve a daily closing price above $0.20, accompanied by increased trading volume. At press time, Dogecoin was quoted at $0.1735 and looks set to test the $0.17 support zone again.  The Bitcoin bull market has entered the second half, and the community has opened limited-time benefits and distributed selected potential coins for free. Scan the QR code or search WeChat ID: BNB7768 to add an assistant and join the group layout immediately.  |
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