Dogecoin (DOGE) Meme Coin To Retest Its Support Trendline?

The cryptocurrency market continues displaying a volatile price action by displaying price movements within a short period.

The cryptocurrency market continues displaying a volatile price action. Moreover, as Bitcoin fails to hold its price above the $63k mark, the memecoin category has also taken a dip. Top tokens such as Dogecoin (DOGE) continue hovering close to their important support/resistance levels, indicating a mixed-price action.

Will DOGE Price Make A Comeback This Uptober? Read Our Article To Uncover The Price Mysteries!

DOGE Meme Coin To Retest Its Support Trendline?

Amid increased price volatility, the Dogecoin crypto price has dropped by ~4% in the past 24 hours. Moreover, it has a trading volume of $775.71 million and has corrected 9.17% over the past week. However, it has formed a rising channel pattern and has continued trading within it since September.

Successively, it has surged by 11.81% during the past 30 days and has a Year-to-Date (YTD) return of 19.91%. Furthermore, with a market capitalization of $15.692 billion, it has secured the 08th position in the market.

Dogecoin Technical Sentiments

The Simple Moving Average (SMA) is on the brink of registering a bullish convergence in the 1D time frame. This suggests that the DOGE memecoin could continue gaining value this week.

However, the MACD indicator shows a constant red histogram in the Dogecoin price chart. This highlights a mixed-price sentiment for the largest meme coin.

Will DOGE Go Up In 2024?

If the memecoins regain momentum, this could result in the Doge coin price retesting its resistance level of $0.127. Moreover, if the bullish sentiment intensifies, this could result in it heading toward its upper resistance level of $0.155 in the coming time.

On the negative side, if the bears outrun the bulls, the Dogecoin price could retest its support level of $0.101. Further, if the bears dominate the crypto space, this could result in it plunging toward its crucial support level of $0.0780.

Curious about the memecoin leader’s long-term prospects? Read our Dogecoin (DOGE) Price Prediction 2024 – 2030

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