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📊 Market overview
Current price: approximately $0.164
Technical support: Dogecoin bounces from levels close to $0.161 and maintains the vital support area at $0.16, which has proven strong as a stable bottom over the past weeks.
Volume: An increase in trading volume at this level suggests accumulation by buyers.
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🔍 Technical analysis
The currency has risen by about 11% from the $0.16 area to around $0.174 before entering a price correction phase.
Technical patterns:
Falling Wedge: Considered a bullish reversal signal supported by an increase in trading volume and open interest in futures.
Ascending channel pattern: As long as DOGE maintains levels of $0.16–$0.166, the pattern remains valid and may push the price towards targets between $0.18 and $0.196.
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🛡️ Support and resistance levels
Level Interpretation
First support $0.160–$0.162 – Immediate and stable support
Second support $0.150 – Strong support in case of a breakout
First resistance $0.168–$0.169 – Ceiling of the current range
Second resistance $0.180–$0.196 – Technical targets in case of a bullish breakout
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⚠️ Risks and influencing factors
If the level of $0.16 is broken, we may see a return to levels of $0.150 where liquidity is weaker.
DOGE's performance is influenced by macro factors such as U.S. Federal decisions, Bitcoin status, and economic tensions which may determine the price direction in the short term.
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✅ Summary
Dogecoin shows strength at support of $0.16, with technical indicators suggesting a consolidation phase and potential upcoming rise. Bulls are defending the bottom, and if resistance at $0.169 is broken, we may see a new upward wave towards $0.18 or even $0.196.
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📌 What to watch for:
1. Price holding above $0.16 = Positive signal for accumulation.
2. Breaking above $0.169 = Confirmation of entering a new upward wave.
3. The overall market situation = Bitcoin movement and macro risks will affect DOGE's momentum.
