Dogecoin (DOGE) Staging a Comeback, Catches the Eye of Crypto Analysts and Investors

In the past week, DOGE has faced a 14% drop, and over the past month, it's down 17%. This decline is largely due to a massive Bitcoin sell-off

Dogecoin (CRYPTO: DOGE) had a rough start to the week, slipping 14% and continuing a downtrend that saw the meme coin lose 17% over the past month.

The downturn was largely driven by a massive Bitcoin sell-off that shook the crypto market. However, Bitcoin has since found solid support, sparking a recovery wave among altcoins.

At the time of writing, Dogecoin was trading up 3.80% at $0.123748, with a staggering 24-hour trading volume of $54.40 billion and a market cap of $17.88 billion. Despite the recent downturn, DOGE posted a gain in the last 24 hours.

Traders, investors are now closely watching DOGE’s performance, looking for signs of sustained recovery and potential breakout. With its significant trading volume and substantial market cap, Dogecoin remains a key player in the altcoin market, poised to benefit from any positive shifts in the broader crypto landscape.

Dogecoin Price Analysis

Dogecoin opened the week on a bearish note, slipping 14% and continuing a downtrend that saw the meme coin lose 17% over the past month.

The downturn was largely driven by a massive Bitcoin sell-off that shook the crypto market. However, Bitcoin has since found solid support, sparking a recovery wave among altcoins, including Dogecoin.

After slipping to lows of $0.11 on Monday, Dogecoin began to recover, trading up 3.80% at $0.123748, with a staggering 24-hour trading volume of $54.40 billion and a market cap of $17.88 billion.

Dogecoin faced resistance at the $0.127Fib level and support at the $0.11Fib level throughout the week. The meme coin’s relative strength index (RSI) was also seen below the 50 mark, indicating bearish sentiment among traders.

Dogecoin Price Analysis: Key Levels To Watch Out For

After slipping to lows of $0.11 on Monday, Dogecoin began to recover, largely driven by a broader market recovery and upbeatстічний analysis from crypto influencers.

Dogecoin showed signs of recovery after finding support at the lower boundary of its current trading range. Despite the recent pullback, crypto analyst The CryptoBull remained bullish on Dogecoin, setting a price target of $1.69 for the meme coin. This target suggests a significant upside from current levels.

However, both analysts are projecting a strong bullish sentiment for Dogecoin. Trader Tardigrade’s technical analysis points to an imminent breakout based on historical patterns, while The CryptoBull’s price target reflects continued optimism about the broader bull market. Together, their insights suggest a promising outlook for Dogecoin’s future performance.

News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-doge-staging-comeback-catches-eye-crypto-analysts-investors.html

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