Dogcoin $0.163785 (Doge) began to be balanced at the level of $ 0.170 after a harsh decline. With the influence of global economic developments, uncertainty continues throughout the crypto market, while the technical structure of Doge is carefully monitored. Especially the sudden decrease in the latest price fluctuation and the following rapid recovery turned the attention of investors to the current points of support and resistance of Dogecoin.
Technical Formation and Analyst Comments
After finding a strong support of around $ 0.16, Doge moves in a technical structure called “symmetrical triangle .. Analysts say that this formation can typically be the pioneer of a significant price movement. The decrease in compression and volatility observed in volumes indicate that the technical model will be solved soon.
According to the analysts, “This formation has paved the way for a 60 percent price movement, but the direction of this movement remains uncertain.”
Dgecoin’s current position is said to have both opportunities and risks for investors and traders.
The preparation of the Fed for new monetary policy statements and the global decrease of the risk appetite increases the pressure on Doga. Especially close to technical breakdown leads to more careful investors in the market. The observation of the volume and price contraction together emphasizes the expectation of analysts for a possible price explosion.
Price movements and transaction volumes
Dogge moved on a horizontal band between 0.167 and $ 0.172 in the last 24 hours. Although a sudden decline of 1.8 percent in the early hours of the night, the recovery came to 248 million units in the morning. This movement made it strengthened as an important support point of the $ 0.168 level.
In the following hours, the Dogge pricing was stuck between 0.170 and $ 0.172. In the afternoon around 13:00, a high sales volume of 193 million units was tested with a $ 0.172 resistance but could not be overcome. In the range of 13: 45-13: 51, when the sales volume increased to 18.7 million, there was a new breakage attempt, but the Doge maintained its 0.170 level.
Technical indicators and expectations
The increases observed in Dogecoin’s transaction volume and the defense at significant technical levels show the search for a balance again. While the symmetrical triangular formation narrows even more, the expectation of a 60 percent of analysts remains on the agenda. Among the momentum indicators, the RSI is approximately 50; Macd is moving horizontally. These indicators indicate that a cramped process continues in the market.
This consolidation in the technical structure of Doge brings different scenarios in terms of investors and traders because of the uncertain of breakdown. According to analysts, if the volume and price compression are solved, a significant movement can be observed in the market.
Macroeconomic developments and the FED’s statements can have direct and indirect effects on the Dogr price. Particularly in the risky asset markets, general pressure leads to cautiously actors of Doge investors. The technical structure, which has been stuck in the recent period, stands out as a carefully watched issue in the market.
Dogecoin’s current technical appearance indicates that significant and harsh price movements can be experienced in the near term. Although the breaking direction of the triangular formation is not clear, it is considered that a serious movement is at the door both upward and upward. It is recommended that investors should consider the current risks and opportunities and be prepared for sudden fluctuations in the market. Symmetric triangular formations are usually seen before the upward or downward volatil movements, and the existing technical indicators can support such a scenario.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
