Price dynamics for Dogecoin (DOGE) have been considerably volatile during the last months. Since reaching its highest point the price has established a distinct downward structure that extends throughout the daily chart. The current price movement indicates a continued downward trend while the price aligns with defined resistance levels and receives support at progressively lower levels.
Recent price action and levels
Based on the TradingView analysis, after the price rose to its peak in late 2023, DOGE entered a downward trajectory within a specific channel. The price came down to the lowest in the chart at the $0.14270 level, which is a key level of support and a reversal pattern if held.
The lower buy zone is between the $0.12 and $0.14 range. Dogecoin’s price action around this zone suggests potential accumulation before it reverses upward. The recent swing low at $0.14270 is critical, and its ability to hold this level will determine whether DOGE can break through resistance and reach higher price levels.
Fibonacci retracement levels determine the points where prices may reverse or consolidate, which can have a major impact on the prices. The 0.236 Fibonacci level at $0.22340 has been recently working as a resistance level and only if a breakout of this level the transition to $0.5 is possible.
Dogecoin’s current market movement
At the time of writing CoinMarketCap demonstrates that Dogecoin holds a current price value of $0.1731 while exhibiting a 4.36% increase over the previous 24 hours. Throughout the previous period Dogecoin market capitalization grew by 4.37% to reach $25.69 billion. The trading volume during the past 24 hours amounts to $1.1 billion but indicates a 23.42% dip.
The total supply of Dogecoin stands at 148.42 billion DOGE in both its current circulation and its established maximum capacity shows no indication of modification. A fully diluted valuation calculation of Dogecoin shows $25.69 billion which matches up with its current market capitalization total.
