Dogecoin on the verge of a breakthrough? Support fights at $0.154!

Dogecoin on the verge of a breakthrough? Support fights at $0.154!

Dogecoin (DOGE) has successfully defended a crucial support zone between $0.142 and $0.160 over the past few days. On June 23, DOGE was trading at $0.154, having previously fallen to a two-month low of $0.142. Historical data suggests that buying activity has consistently occurred in this price range, highlighting the importance of this mark.

Analysts are now paying attention to whether a recovery can develop towards the resistance levels at $0.18 and $0.21. At this point, the Relative Strength Index (RSI) at 30.99 signals seller exhaustion. This could create a favorable environment for buyers and show signs of an impending price reversal.

Market analysis of the current situation

With a daily gain of 2.28% on June 23, DOGE shows stability while trading volume remains at a constant level with no signs of panic selling. The 30-day MVRV (market value to realized value) at -15.43% indicates undervaluation, which could create additional buying incentives for investors.

The Fibonacci retracement shows the price holding at the 0.0 level of $0.13059. If the support zone between $0.13059 and $0.16000 is defended, DOGE could reach the resistance levels of $0.18 and $0.21. However, a break below $0.13059 could trigger a downtrend towards $0.08910, which could raise concerns among investors.

Liquidation dates and futures volume

Interestingly, the liquidation data is also promising. Within the last 24 hours, $5.32 million in short liquidations and $1.86 million in long liquidations were noted. This data can indicate a short squeeze that could potentially push the price higher. Futures volume is $5.01 billion, showing a decline of 2.33%, while options volume is $285.29 thousand, showing a 222% increase.

In summary, Dogecoin is at a critical turning point that could determine its short-term price development. The coming days and weeks will show whether DOGE can continue to hold support or whether a downward trend is imminent. Current developments in the market are closely monitored to analyze price movements and inform investors about the next steps.