Dogecoin Price Stabilizes Prior to a Significant DOGE Surge
The price of Dogecoin (DOGE) has been trading sideways for the past few weeks, consolidating at a key level. Despite failing to gain traction in the recent memecoin rally, analysts believe that DOGE could make a strong comeback soon.
The recent volatility in the cryptocurrency market, with Bitcoin facing multiple rejections at the $31,000 level, has also affected the price of DOGE. Currently, DOGE is down 0.41% from yesterday.
Analysts suggest that DOGE is waiting for the next move in Bitcoin. If BTC breaks above $31,000, altcoins, including DOGE, may experience fresh bids. However, it is advised to wait for the correction in BTC dominance before entering altcoin positions.
Looking ahead to July 2023, the key level for DOGE on the chart is at $0.065. Reclaiming this level could push the price above $0.07, where the next major resistance lies. Breaking out of the downward trend line shown on the chart is crucial for DOGE to flip bullish and potentially retest the $0.10 level. This will largely depend on the positive price action of Bitcoin.
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Overall, while DOGE has been trading sideways recently, there is still potential for a significant move in the near future. The key levels and trends to watch are $0.065 and the downward trend line, with Bitcoin’s price action playing a crucial role in DOGE’s direction.