Dogecoin (DOGE) is trading under bearish pressure and is eyeing a decline in its value, mirroring the broader market sentiment. As Bitcoin is moving in a downward direction, it is impacting the overall market, including altcoins. But experts are predicting a bullish reversal, which may lead to $3.90.
At the time of writing, DOGE is trading at $0.2154 with a 24-hour trading volume of $2.12 billion and a market capitalization of $32.48 billion. The DOGE price over the last 24 hours is down by 0.81%, and over the last week it is also down by 2.02%.
Dogecoin eyes a potential rally toward $0.46
The crypto analyst, Rose Premium Signals, highlighted that Dogecoin (DOGE) is once again back at the center of attention now, with market players expecting a possible breakout toward $0.46. After some correction, Dogecoin has now begun forming a bullish trend that can possibly suggest further upshot yet. Analysts are mentioning the next target possibly being within reach if the asset can continue showing strength above its key areas of support.
Key support levels
Currently, traders are seeing $0.21 and $0.20 as significant long accumulation points of Dogecoin. These are important buy zones where buyers come in and support the price. Maintaining strength above these areas will be crucial in building momentum toward the next up leg because they are the base of Dogecoin’s bull setup.
Bullish targets and risk factors
On the bullish side of things, Dogecoin’s immediate targets are $0.31 and $0.39, and both are near-term points of resistance. Removal of these points may then open the way up to the larger objective of $0.46, where many traders now anticipate the next big ceiling. Achievement of that level would do more than cement the strength of the meme currency; it would bring a new sense of optimism within the greater crypto community.
But traders remain cautious, noting that $0.10 is a high Short-Term (ST) risk level. A clean break below it would nullify the current bull case and may prompt a larger correction. That said, with community sentiment, market sentiment, and chart support agreeing, the move of Dogecoin up toward $0.46 is quickly becoming one of the closely observed developments within the crypto space.
