Dogecoin [DOGE] has retested the support level of $0.142 since April, which was the low point of the range at that time.
AMBCrypto's analysis indicates that there is reason to believe that, despite the rise of Dogecoin in May, it is still trading within a certain range.
The weekly chart shows a bullish oscillating structure, as highlighted by the Fibonacci retracement levels drawn from the lows and highs of this oscillation (approaching the end of 2024).
The leading memecoin has not yet fallen below the volatility low of $0.089, but its internal structure (substructure) is bearish.
To reverse this internal structure, Dogecoin must break through the local high of $0.259.
OBV has retested the lows since March, while RSI shows bearish momentum prevailing. The low trading volume over the past two months suggests a potential entry into a consolidation phase.
The range formed from March to April is worth exploring in depth.
Expanding the range helps predict the price of Dogecoin.
Previously, the median price was considered the top of the range formed in March and April. The breakout in May reached $0.259, followed by a pullback to $0.142.
The expanded range shows that the previous high point has become a mid-level, providing both support and resistance in recent months.
Although OBV is at the low point of March, CMF has shown strong buying pressure in recent days, reading +0.13.
Therefore, although the moving average may serve as dynamic resistance, DOGE seems likely to rebound to the supply area at $0.2.
The 3-month liquidation heatmap shows that liquidity between $0.145 and $0.162 has been cleared.
A smaller liquidity cluster has accumulated expenses at $0.173 and $0.182, which could be the direct price target for a DOGE rebound.
The next notable magnetic zone is at $0.21, aligning with the mid-range resistance level.
Therefore, swing traders may consider buying Dogecoin, with a stop loss set at $0.154 (below the daily fair value gap) and a profit target set in the $0.198-$0.2 region.
