Dogecoin price is trading within a tight range since Sunday. While it remains above the support level at $0.2500, it has lacked enough bullish momentum to retest the psychological level of $0.3000.
The crypto, which is ranked 7th, has had its trading volume rise by 19.90% over the past 24 hours. Recent remarks by renowned entrepreneurs like Mark Cuban and Elon Musk have boosted its popularity. For instance, in a recent tweet, Cuban indicated that merchandise buyers who used Dogecoin would receive a free e-gift card. At the same time, Musk has applauded efforts to upgrade the crypto’s network. In the ensuing sessions, Dogecoin price will likely bounce back to and beyond the resistance level of $0.3000.
Dogecoin price prediction
DOGE is hovering around 0.2800 as has been the case since Sunday. On a four-hour chart, it is trading along the 25-day EMA and slightly below the 50-day EMA. At the time of writing, it was up by 0.78% at 0.2807.
In the near term, I expect Dogecoin price to remain within a tight range as 0.2800 remains a crucial level in its movements. The resultant horizontal channel will likely have its lower and upper borders at the week’s low of 0.2697 and along the 50-day EMA at 0.2854 respectively.
A bullish breakout will likely push the crypto to the resistance level at 0.3000. However, this thesis will be invalidated by a move below last week’s low at 0.2647.