The post Dogecoin (DOGE) Price Analysis for Today Suggests a Breakout is Fast Approaching—Will it Reach $0.2? appeared first on Coinpedia Fintech News
Dogecoin price faced a 12% pullback following the announcement of the new tariffs by US President Trump. The drop seems to be massive, but the top memecoin continues to hold within a crucial range, reflecting a huge possibility of a rebound. Meanwhile, trading activity rises to some extent, and the rise in the new traders could increase the hope for a continued rise. However, the DOGE price is yet to defy some odds, following which a breakout of the consolidation could elevate the levels by more than 20%.
After marking the local highs at $0.48, the DOGE price began to face massive upward pressure that squeezed more than 70% gains. Meanwhile, the token held the pivotal support as the bulls flocked in as the price dropped below $0.15. This sudden rise reflects the growing interest of the market participants as the mid-tier holders and whales stacked massive amounts of DOGE in the past 30 days.
As per some reports, the number of unique addresses holding at least 10,000 DOGE has risen from 236K to 240K over the past few days, recording a 6-month high. Besides, the technicals are also strengthening, indicating a potential breakout on the horizon.
The weekly chart of the DOGE price is bullish as the price has initiated a rebound from the ascending support line. Currently, it is stuck at 0.236 FIB levels after failing to rise over 0.382 FIB at around $0.21. However, the selling pressure is dropping, as seen with the MACD, while the levels could now begin to head towards a bullish crossover. Meanwhile, the DMI flashes a bearish outlook as +Di & -Di have diverted from themselves.
Therefore, the Dogecoin price continues to remain under bearish pressure as the technicals display mixed signals. Therefore, the upcoming weekly price action could be pivotal to determine whether the bulls will make out or bears may hold a tight grip over the rally.