thecryptobasic.com
A recent analytical exposition has spotlighted crucial support and resistance levels, sharing realistic targets depending on the Dogecoin price action.
Like most other cryptocurrencies, Dogecoin demonstrated sheer strength yesterday. Following a sloppy start to the day spurred by sideways macroeconomic trends, the prominent meme coin rebounded from an earlier plunge to close green at $0.1497.
Interestingly, bullish sentiments have escalated with the rebound, with enthusiasts optimistic of a continued northward drive. Nonetheless, a TradingView analysis has dissected Dogecoin’s chart, providing a detailed price outlook for the meme coin.
Commentary Highlights Possible Scenarios
Market watcher MonoCoinSignal confirmed Dogecoin’s resilience in the Monday analysis. He noted that contrary to market trends, the meme coin has kept its calm in the turbulent condition. The analyst cited DOGE’s modest 0.11% increase while the global crypto market dumped by 4.4% as proof of this resilience.
Nonetheless, he noted that Dogecoin still has mixed momentum. While whales’ massive accumulations spark bullish sentiments, the macro headwind emerging from Donald Trump’s trade war could still hamper short-term price growth.
As a result, he identified possible scenarios that could play out for Dogecoin. The commentary highlighted bullish and bearish cases for the token and realistic price targets ahead, depending on its reaction from the current level.
Bullish Case for Dogecoin
MonnCoinSignal stressed that for a bullish scenario to develop, DOGE must hold its local support at $0.14. Notably, the leading meme coin dropped below the demand wall but quickly rebounded to reclaim higher prices.
Furthermore, the commentary highlighted that if Dogecoin breaks the local resistance at $0.15 with a substantial volume, it could surge to $0.16 in the short term. A sustained trend above $0.16 would make way for further highs, with the analyst pointing to a reclaim of the long-term resistance at $0.20.
Meanwhile, another analyst had stressed the importance of the $0.16 level. Market expert Ali Martinez noted that the asset must hold above the level to keep the hopes of a rally to $7 alive.
Bear Case for Dogecoin
Notably, MoonCoinSignal noted realistically that Dogecoin could see lower prices if it fails to break local resistance at $0.16. He identified a breach of the $0.14 price mark as an enabler to lower prices like $0.13 and even global support at $0.08 if selling pressure persists.
With DOGE currently trading at $0.1515, it would capitulate a staggering 47% to the $0.08 support, which the commentator marked as its worst-case scenario.
Moreover, the commentary stressed that this scenario may likely not play out if whale accumulation continues and the broader market sentiment flips bullish.