Crypto analyst Crypto VIP has revealed that the Dogecoin price is in a no-trade zone. His analysis also revealed the major support and resistance levels to watch out for as the foremost meme coin continues to trade sideways.
Dogecoin Price Trading In A No Trade Zone
In an X post, Crypto VIP stated that the Dogecoin price is currently in a no-trade zone. He noted that after a downtrend, DOGE is now trading within a range. The analyst added that a break out of this range will determine the next movement. As such, he believes that it is better to wait for a break above the resistance area or a retest of the support area before making any new entries.
Crypto VIP mentioned $0.143 to $0.149 as the support area to watch out for and $0.176 to $0.187 as the resistance areas to watch out for. His accompanying chart showed that DOGE could face another major resistance between $0.23 and $0.24 if it breaks out from the $0.187 resistance.
Crypto analyst Ali Martinez seems more confident that the Dogecoin price will break out to the upside. In an X post, he asserted that DOGE will break out. Martinez remarked that a close outside $0.16 to $0.18 could trigger a 16% price move. His accompanying chart showed that DOGE could reclaim the psychological $0.20 price level in the process.
Crypto analyst Master Kenobi stated that these days might be the last time that market participants see the Dogecoin price under $0.18, suggesting that a bullish reversal was on the horizon. His accompanying chart showed that the foremost meme coin would still rally to as high as $0.8, which would mark a new all-time high (ATH) for DOGE. The analyst also recently predicted that Dogecoin could hit $1 by June.
DOGE Could First Retest $0.143 Support Level
In an X post, crypto analyst Trader Tardigrade predicted that the Dogecoin price could first retest the $0.14 support level before any bullish reversal. Alluding to the daily chart, he noted that DOGE is giving out a bearish candlestick pattern, the Bearish Tweezer, with a false breakout at the $0.176 resistance level.
In line with this, he remarked that it is more likely to move downward to test the previous support level of $0.143 again, potentially forming a sideways range between $0.143 and $0.176. For the Dogecoin price to break $0.176, the analyst remarked that it needs to build momentum with higher lows just below $0.176.
At the time of writing, the Dogecoin price is trading at around $0.164, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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