Dogecoin has been experiencing significant volatility, with a 44% surge followed by a 9% dip since October 10.
Dogecoin has been experiencing significant volatility, with a 44% surge followed by a 9% dip since October 10. This dramatic price movement has left analysts and investors cautiously watching the meme coin’s next move.
Some believe DOGE is gearing up for a massive rally, driven by renewed interest and momentum. In contrast, others are more skeptical, suggesting that the meme coin may be entering a consolidation phase.
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Top crypto analyst Bluntz recently shared a technical analysis on Dogecoin, highlighting its price fluctuated within a 4-hour range. According to Bluntz, the price has taken both sides of this range, resulting in a classic liquidity sweep, a move often seen before a major price shift.
As Dogecoin remains in this volatile environment, market participants are keenly awaiting further signs to determine whether the next move will be an upward rally or a consolidation period.
Dogecoin (DOGE) trades at $0.136 after five days of heightened volatility and uncertainty. Over the past two weeks, the price surged, and it is now holding above the crucial $0.12 mark, which acted as a strong resistance level in September and has since transformed into a key demand level. This price point is pivotal, as holding above could signal further bullish momentum.
The daily 200 moving average at $0.128 is another critical support level for Dogecoin. Maintaining strength above this moving average would suggest long-term stability and the potential for DOGE to push toward higher supply levels. However, if the price falls below this level, it could trigger a retrace, causing the recent rally to resemble a short-term “pump and dump” scenario.
If Dogecoin successfully holds above the $0.12 area, a healthy consolidation phase could unfold, setting the stage for a continued uptrend. Investors will closely monitor this level to determine whether the recent price action can maintain its momentum or if further downside is on the horizon.
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