Dogecoin hit 2-month lows as its price dropped to $0.16 following the broad correction in the crypto market. But Cryptocoin. com, which made a comeback, DOGE regained some of its lost ground. However, gains have since ended below the $0.28 mark. Since the rally, the coin’s price has mostly moved sideways. At the time of writing, DOGE is trading at $0.24 levels. So, what might affect the price? Here are the comments of an analyst…
What levels are valuable for Dogecoin (DOGE)?
According to analyst Saif Naqvi, DOGE may face a strong resistance level at $0.28 and reject further upside. In an interesting form, the analyst mentions that this region sees an interaction in the middle of the 12-hour 200 SMA (green) and 50-SMA (yellow). Analyst, 0.28-0. He states that a close above $30 could trigger the next rally in the market, but there is a lot of uncertainty going forward.
He also noted that while DOGE is expected to move sideways, there is a possibility of a breakout, but with the MACD in a downtrend, the bullish momentum weakened. On the downside, he pointed out that DOGE could drop to the base level of $0.215 on May 19. “A more confident bet would be to wait for stronger clues to emerge before proceeding,” the analyst says.
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