Dogecoin price remains within the month-long horizontal channel even as it holds steady above the crucial support level of $0.2500. Without a bullish catalyst, the altcoin will likely trade within that range for a while longer.
Nonetheless, as greed remains the key emotion in the crypto market, the bulls are in good shape to defend the crucial support level of $0.2500. The bears attempt to push past that level will probably be unsuccessful in the short term. The crypto fear & greed index is at a greed level of 72. In comparison, it was at a higher reading of 74 in the previous session.
Dogecoin price prediction
DOGE has largely been within the horizontal channel of between 0.2500 and 0.2718 for about a month now. Granted, it broke out of this range in late October to hit a two-month high t 0.3401. It has since pulled back to trade within the aforementioned range.
At the time of writing, Dogecoin price was down by 0.71% at 0.2609. Notably, it has been hovering around 0.2600 since mid-last week.
On a two-hour chart, it is trading along the 25 and 50-day EMAs that have converged along 0.2600. While the outlook is rather neutral, I hold a bullish bias.
In the ensuing sessions, I expect Dogecoin price to remain within the horizontal channel. A move below 0.2500, which has been a crucial level for the altcoin since mid-April may it retest last week’s low of 0.2400 before bouncing back to the month-long range. On the upside, 0.2800 will be the bulls’ next target.