Analyst Shares Realistic Dogecoin Targets, Highlighting Critical Support and Resistance Levels
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 Dogecoins chart, providing a detailed price outlook for the meme coin.Commentary Highlights Possible ScenariosMarket watcher MonoCoinSignal confirmed Dogecoins 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 DOGEs 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 Trumps 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 DogecoinMonnCoinSignal 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.
Text source: The Crypto Basic
