- Dogecoin’s price fell to the demand zone of $0.300.
- DOGE price has declined by 22% in the past two weeks.
Dogecoin (DOGE) price has received selling pressure in the $0.400 territory and has witnessed selling pressure. The Dogecoin price has dropped by 22% in just two weeks, falling to the demand zone of $0.300. Since mid-December, the token has been defending the $0.300 zone.
Could DOGE Price Hit $0.34 Mark: Analysts Weigh In
The Dogecoin price experienced a sharp increase before encountering technical resistance at $0.34. This is likely a crucial area where the token could not stabilize and resume its bullish trend.
According to cryptocurrency analyst Ali Martinez, the DOGE price has slightly retreated. It hovered just below the $0.36 target due to the inability to sustain momentum above this level.
Due to its proximity to the current market’s 38.20% Fibonacci retracement level, the $0.34 level is especially significant.
Many traders carefully monitor the price action as the DOGE remains in this resistance zone. They are attempting to determine whether a recovery, further decline, or DOGE price is imminent.
Funding Rate Increased in Dogecoin
However, according to the most recent data, the funding rate for DOGE was still positive at 0.0088%. This further indicated that market sentiment is still very bullish.
A positive funding rate highlighted that longs expect an upward movement soon and are prepared to pay more to hold long positions. This sustained market confidence is crucial because bulls will likely try to push the market higher soon, especially if $0.30 holds.
Therefore, if the bullish momentum continues, DOGE may be poised to return to the $0.36 mark. The Dogecoin price could soar even higher to other resistance levels.
Dogecoin Price is Bearish; Can It Rebound From the Demand Zone?
Dogecoin crypto was trading at $0.323 at press time, which has dropped by 1.42% over the past 24 hours. The market capitalization was around $47.88 Billion, and the 2-hour trading volume was $1.77 billion. DOGE crypto is the largest meme coin in terms of market value.
Based on the chart, the DOGE price has displayed selling pressure for the past few weeks. Amid this bearish move, the price was nearing the demand zone. Based on the historical chart, buyers have shown interest in the demand zone, and the price has performed positively.
Buyers might dominate ahead if the Dogecoin price receives buying pressure in the demand zone. It could be a bullish signal once the price departs from the demand zone. Strong bullish momentum can be seen if the token price surpasses the 20-day EMA.
On the other hand, if the price dives below the significant support level of $0.300, it could be a selling opportunity. Massive selling pressure can be anticipated if the price sustains below the $0.300 mark.
In a 4-H time frame, the DOGE price formed an ascending triangle pattern. It has triggered a breakdown and is expected to fall into the demand zone. After the breakdown, the price has left the short-term resistance zone of $0.34.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Varuni has been in the web3 space for half a decade, witnessing the changing dynamics of DLT, Blockchain and Web3. With 8 years of journalistic expertise, she has a keen interest in emerging technology and their impact on society. She has published news and on-chain analysis articles on Nasdaq as well as some of the top web3, crypto news firms. Currently, she heads The Coin Republic as the Editor-In-Chief.