Dogecoin price has been trading sideways since the beginning of the new month. According to CoinMarketCap, the altcoin’s trading volume is down by 17.32% over the past 24 hours. It is ranked 10th in the crypto market while rival meme coin -Shiba Inu is 9th. As the new month unfolds, investors will be keen on whether these meme coins will continue with the bull run.
Dogecoin price outlook
After dropping by 25.85% late last week, DOGE is testing the steadiness of the support level at 0.27 00. The altcoin hit its all-time high of 0.3400 in the past week before falling to a low of 0.2524 on Sunday.
At the time of writing, Dogecoin price was up by 0.81% at 0.2740. On a four-hour chart, it is trading along the 25-day EMA and slightly above the 50-day EMA.
While the current outlook is rather neutral, I hold a bullish bias. For as long as it remains above the crucial support zone of 0.2500, the bulls have an opportunity to retest and move past the resistance level at 0.3000.
In the near term, it will likely find support along the 50-day EMA at 0.2704. Below that level, it may drop to 0.2607, thus remaining within a rather tight range. On the upside, the bulls will need to break the resistance at 0.2868 for an opportunity to hit the higher target of 0.3000.