Dogecoin, the ever-popular memecoin, has defied expectations this week with a volatile price swing. After a strong showing last weekend, DOGE took a tumble over 0.19% in the last 24 hours, currently hovering around $0.1455. However, there are signs of a potential rebound brewing.
Key Support and Resistance Levels in Focus
The immediate focus for Dogecoin lies on the $0.14452 support level. Bulls are actively pushing the price back above this point, aiming to establish control. If DOGE manages to close a 4-hour candle above $0.1470 within the next 4 hours, it could trigger a surge towards the major resistance level of $0.1579.
Breaking Through the $0.1575 Barrier: A Crucial Test
The $0.1579 resistance has proven to be a formidable obstacle for Dogecoin in the past, having rejected the memecoin twice recently. A successful break above this level would be a significant bullish signal, potentially leading to further price increases in the short term. Traders will be closely monitoring how DOGE behaves when it reaches this critical point.
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Alternative Scenario: Bears Remain a Threat
However, the bulls shouldn’t celebrate prematurely. If Dogecoin fails to reclaim the $0.1470 support level within the next 8 hours and close a 4-hour candle above it, the bullish outlook could be invalidated. This scenario could see DOGE test the immediate support at $0.1344. If selling pressure intensifies, a further drop to $0.1224 is also a possibility.
Short-Term Price Hinges on Key Levels
The next few hours are crucial for Dogecoin’s short-term price trajectory. The 1-hour chart hints at a potential breakout above the current resistance, but the success hinges on overcoming the hurdles at $0.1470 and $0.1575. Bulls need to maintain momentum to push the price higher, while bears will be looking to exploit any weaknesses and drive the price down towards the support levels.
