Dogecoin Price Prediction as it Hovers Around a Crucial Support Zone
Dogecoin price is trading on a rather tight range for the second session in a row after the bears’ unsuccessful attempt to break the support at $0.2200. The crypto’s price movements are comparable to those of other altcoins.
For instance, Litecoin is holding steady at the support zone of $166.46 after the decline earlier in the week. Similarly, Ethereum has remained above $3,400 despite the heightened volatility.
Dogecoin price prediction
Dogecoin price movements over the past two sessions have substantiated the stability of the support zone at 0.2200. On Tuesday, the bears pushed the altcoin to an intraday low of 0.2161 before bouncing back. Notably, the support level has been a crucial one for the altcoin since the beginning of October.
At the time of writing, the crypto was down by 1.335 at 0.2232. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages.
In the near term, Dogecoin price will likely record curbed gains while holding steady above the support zone of 0.2200. I expect the altcoin to trade within a tight range of between 0.2197 and along the 25-day EMA at 0.2276.
If the bulls manage to push the price past the horizontal channel’s upper border, the resistance level will likely be slightly above the 50-day EMA at 0.2327. However, a move below Tuesday’s low of 0.2161 will invalidate this thesis.