Despite the choppy market conditions, Dogecoin (DOGE) has been exhibiting surprising strength as it has been trading sideways around certain important levels. The meme coin is 2.07% up, and currently, it is coiled within a narrow margin as everyone now focuses on the key fitness point, and that is the level of $0.25. Any break above this price would lead to a massive bullish run of Dogecoin in the nearest future.
The current technical outlook of Dogecoin in its Ichimoku daily analysis has been presented by Trader Tardigrade. The cryptocurrency is still within the Kumo (Cloud), and it is under medium-strength resistance of the intermediate-thickness Kumo.
Nonetheless, the analysis reveals that the price of Dogecoin is near the resistance values between $0.215 and $0.22660, at which the price has a stronger resistance of 0.23315.
Source: X
The trend analysis indicates the mix of indicators as well. The short-term indicates that there is a downtrend with the price below the Kijun-sen (a technical indicator); the mid-term indicates consolidation, as the price is within the Kumo.
Also Read: Dogecoin (DOGE) Eyes $0.50 as ETF launch News Boost Momentum
These down signals notwithstanding, the cumulative bias is small upwards, with the Kumo color that negates an upward movement as it is green. Nevertheless, the cumulative difference of -1 is that consolidation may prevail, or even some downtrend may occur in case the support level of $0.20 is not met.
The price of DOGE is also another distinct point where Crypto Tony identified that prices below or even below that mark were critical. As part of a technical analysis, he highlighted that a breakout beyond this resistance price may trigger an upsurge up to $0.34.
Source: X
This price has nevertheless been a serious point of resistance to DOGE in the past. He warned that it might do some pullbacks as the market takes off, but should Dogecoin be able to get beyond the 0.25 level, it may be headed toward 0.34 soon.
The coming weeks will prove to be critical to DOGE traders. The break in the $0.25 resistance membrane will indicate a consistent rise following the invisible hand to $0.34, which is another significant resistance area that the currency has not been capable of realizing in the past.
Conversely, a breakdown of the support of the area around $0.21-$0.20 would potentially result in the bearish pressure ruling out any attempts of a bullish break-alone.
Also Read: Dogecoin Aims For $1.40 With New Treasury
Also read: Why Stablecoins Have Replaced the Bolívar in Venezuela
