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Dogecoin (DOGE) has pulled back to its support level, following Bitcoin’s recent decline. So, what can we expect moving forward?
Dogecoin (DOGE) Price Analysis
Dogecoin has rebounded from its support level and is currently continuing its upward movement. The critical level to watch here is $0.40. If the price breaks above this level, the rally could extend to $0.48, a significant target due to the 50-day SMA aligning with this price zone.
However, Dogecoin is currently closing below the 50-day SMA. If the price fails to surpass the $0.40 level, this move may only represent a re-test of the SMA, potentially leading to a decline toward the $0.30 support level.
In summary, the $0.40 range is a key threshold. A close above this level could indicate that recent declines were merely manipulative, paving the way for a new higher high (HH). Conversely, if the price reverses and falls again, Dogecoin could establish a new lower low (LL) at around $0.30.
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