Key Takeaways
- Dogecoin (DOGE) trades below its 50-day EMA as traders and investors remain cautious ahead of market uncertainty.
- DOGE price gains a positive price boost as Bitwise applies for Dogecoin (DOGE) ETF.
- If Dogecoin bulls struggle to rally the price above $0.3, the support price stands to sell pressure to trade towards the key zone of $0.24.
The price of Dogecoin (DOGE) crashed from its high of $0.42 in previous weeks, less than 30%, to its all-time high of $0.73. It also failed to protect its key psychological level of $0.44, which could fuel the price of Dogecoin to rally to its high of $0.5 and, subsequently, $0.73. Many factors have prevented the price of Dogecoin from trending higher.
With current market actions and low volume across the crypto market, it becomes challenging for the price of Dogecoin (DOGE) to trade past its $0.4 on several attempts. The price of Dogecoin dropped towards its strong support level of $0.3, and it has tested this level on more than two occasions, as bears could try to push the price lower.
Factors such as the FOMC and US Federal Reserve meeting could further affect the price of Dogecoin as price faces key decisions to protect its price from going lower than $0.31; otherwise, bears could reek fears into the hearts of holders.
Despite news of Bitwise applying for Dogecoin ETF, this news has not affected the price much as Dogecoin (DOGE) continues to struggle to find the strong volume to push the price to the upside. While Dogecoin (DOGE) struggles to make the rounds in the news, DeepSeek AI tool has continued to capture the hearts of the internet as investors keep keen attention on AI tokens if this could spur a rally.
A Glimpse Of Hope For Dogecoin (DOGE)
Top crypto traders believe the price of Dogecoin (DOGE) could retrace into its key Fibonacci retracement levels of zone -1 and zone-2, which corresponds to prices around $0.28 and $0.22 where bulls would be looking to buy Dogecoin (DOGE) for a possible rally to the upside.
While DOGE’s price struggles above $0.3, trading above $0.2 remains bullish for the long term, considering Dogecoin’s price performance in the last few months.
Dogecoin (DOGE) Price Analysis
Source – 1D DOGE Price Action From TradingView
The price of Dogecoin currently trades just a distance shy of its key support zone of $0.3 as the overall trend for Dogecoin (DOGE) remains bearish with low volume as the price of Dogecoin needs to trade above $0.4 to remain in a safe zone.
While the price of Dogecoin trades below its 50-day EMA on the daily timeframe, it is worrisome for many traders and investors hoping for a real bounce for DOGE. If the price of Dogecoin (DOGE) continues to trade around $0.3, there are high chances that bears could push the price of Dogecoin (DOGE) lower to a region of $0.22 where bulls are more willing to buy into price.
