Dogecoin's weekly structure shows a positive long-term signal and enters a consolidation phase in the coming weeks.
Swing traders can take advantage of DOGE's reaction at the $0.142 level to open long positions.
Dogecoin [DOGE] has retested the support level of $0.142 from April – the low in the previous fluctuation range.
TinTucBitcoin's analysis shows that despite the price increase in May, DOGE has mainly operated within a fixed price range.
Source: DOGE/USDT on TradingView
The weekly chart illustrates a clear bullish structure, with Fibonacci retracement levels drawn based on the fluctuation from the bottom to the peak at the end of 2024.
This leading memecoin has never broken through the swing low of $0.089; however, the internal structure indicates a bearish trend.
To reverse to a sustainable bullish signal, Dogecoin needs to break above the local peak of $0.259.
The OBV indicator has tested the low from March, while the RSI indicates that selling pressure remains dominant. Low trading volume over the past two months implies a consolidation phase is occurring.
Entering the March – April fluctuation zone deserves further analysis.
Expanding the support fluctuation zone predicts the price of Dogecoin.
Source: DOGE/USDT on TradingView
Previously, the midpoint of the fluctuation zone was considered the swing high, formed in March and April. The breakout in May reached $0.259 and then adjusted back to $0.142.
Re-establishing the fluctuation zone indicates that the old peak has now become an intermediary level, serving both as support and resistance in recent months.
Although the OBV is at its lowest since March, the CMF indicator reflects strong buying pressure with a recent value of +0.13.
Thus, even though the MA lines may form dynamic resistance, the likelihood of DOGE continuing to rise to the supply zone of $0.20 remains very high.
Source: Coinglass
The 3-month liquidation map shows that the liquidity zone of $0.145-$0.162 has been completely cleared.
Smaller liquidity clusters at $0.173 and $0.182 are accumulating strongly, promising to be the short-term bullish targets for DOGE.
The range from $0.21 and above is the next price attraction level, also coinciding with medium-term resistance.
Therefore, swing trading investors can look for entry points to buy DOGE, setting a stop-loss at $0.154 (below the daily reasonable price zone), and expect to take profit around the $0.198-$0.20 zone.
Source: https://tintucbitcoin.com/du-doan-gia-dogecoin-tang-20/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news on the cryptocurrency market and not miss any important information!
