Currently the course Dogecoin (DOGE) is at a level where it will either rise to around $0,242 or fall below $0,205, which is its critical support level.
Last week, the memecoin tried to move higher but encountered some resistance. Since then, DOGE has been trying to return to its previous level.
For the last week token-meme fell 0,7% to $0,2126. At the same time, the daily trading volume reached $2,07 billion. This happened after an unsuccessful attempt to test the upper levels last week. The price of the cryptocurrency has dropped significantly and is in the middle of a narrow range, and weekly and monthly indicators show a slight increase.
As a result, traders are looking for a key support level that could be the starting point for the next significant move in the coin or a bearish trend. The market is quite cautious as DOGE is in a consolidation zone. This may continue until the bulls or bears take control of the situation.
In the past, the $0,205 level has served as a starting point for a bounce. Many market watchers are keeping an eye on this price level. If this support holds, Dogecoin could reach a new high of $0,0242.
However, the downtrend may resume if the rate drops below $0,205. In the coming days, it will become clear what will happen to the DOGE price amid growing consolidation of altcoins.
Meanwhile, DOGE futures volumes recently rose 119% to $5,36 billion, while open interest fell 4,7% to $3,24 billion.