The situation with Dogecoin (DOGE) has been uncertain for 11 days, and everyone is interested in the reason.
Currently, Dogecoin is located around $0.20, which makes some people doubt whether this meme coin has any real growth potential. Toncoin (TON) Value Forecast for March 26th
Looking at the Dogecoin price chart, there are three important support levels that have been directing its movements. The nearest support is at $0.22, and Dogecoin has been consolidating around this price for almost a couple of weeks. If it lasts, it could be a starting point for a possible rally. The next important support is at $0.18, where Dogecoin has shown stability, with strong buying interest preventing further declines. However, if the bears win, Dogecoin may fall significantly from its recent highs to the final major support at $0.14.
Over the past 11 days, Dogecoin has been trading within the same range, without any significant ups and downs. It seems to be stuck in a key support area, with traders and investors awaiting a breakthrough. So, what could be the next important step? Why is Dogecoin inactive? Well, market sentiment is weak. Bitcoin and Ethereum have been hitting resistance, and the entire crypto market has been sending mixed signals. Without a clear upward trend, Dogecoin lacks the momentum it needs to break through.
**Denial of responsibility:** The views expressed by the author are for informational purposes only and do not constitute investment recommendations. Trading cryptocurrencies involves the risk of loss. Please consult with a financial professional before making any investment decisions.
The volume of Dogecoins traded has decreased dramatically, which suggests that there is not enough interest in buying.
The next significant action will depend on how Dogecoin manages its crucial support levels. Any efforts to raise the price are likely to be unsuccessful in the absence of substantial volume. The bearish mood is exacerbated by the fact that Dogecoin’s current price is lower than both the 50-day and 100-day moving averages.
It may signal a bullish turnaround and a retest of the $0.28–$0.30 range if buyers intervene and raise the price above $0.24. Dogecoin is now in a state of uncertainty, and traders ought to carefully monitor support and resistance levels in order to forecast the subsequent significant trend shift. The bearish scenario, however, might pick up speed and push the asset toward the $0.14 objective if Dogecoin falls below $0.18.
