Dogecoin (DOGE) Bulls Defend Key Support, Eyes Set on $0.21 Next Leg
Key Takeaways:
- Dogecoin is holding above key support at $0.15, setting up for a potential breakout.
- A close above $0.17 could open the path toward $0.21 or even higher.
- Recent pullback to $0.13 was recovered quickly, showing early signs of bullish momentum.
- Bitcoins stability could support DOGEs upward move if the market turns bullish.
Dogecoin (DOGE) is hovering around its crucial support level and is on the verge of a breakout. DOGE is currently facing volatility and experiencing downward pressure. Despite this short term pullback, the overall DOGE price trajectory is looking promising.
While the overall market is not so volatile, Bitcoin is also holding above its support level and primed for an upward move. If the market started its bullish run, it could benefit DOGE, which will help the meme coin to break out soon and start its leg up.
Over the last 24 hours, DOGE is down by almost 4%, with a trading price of $0.1566. Moreover, its trading volume is also experiencing a decline and is down by 14%, with a 24-hour trading volume of $870.5M and a market cap of $23.32B.
Dogecoin Eyes $0.21 as Bulls Hold the Line
Analyst highlights possible scenario for DOGE future price trajectory. Crypto analyst Ali Martinez optimistically pointed out that Dogecoin (DOGE) is gearing up for a big week.
However, DOGE is at a pivotal juncture. Price recently swept the $0.13 lows but is still holding above major support at $0.15. This presents a classic make or break setup either bulls defend structure here, or we break down and likely revisit $0.11.
DOGE is stabilizing after a strong recovery from $0.13009, showing early signs of bullish momentum. If DOGE closes above $0.17, it could open the door to $0.21 or even $0.29. As long as it holds the key support, the chances for an upward move are more likely.
With the overall market conditions, it seems like DOGE will move upward. Bitcoin is trading above a crucial support level and favoring the positive market conditions. Once BTC starts climbing again, DOGE will follow.
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Read more: https://www.tronweekly.com/dogecoin-doge-bulls-defend-key-support-eyes-set-on-0-21-next-leg/
Text source: TronWeekly
