After soaring to its highest level in more than a month on Monday, DOGE has reversed most of the week’s gains. The altcoin has dropped by over 10% to find support at October’s crucial level of 0.2400. On a two-hour chart, it is trading along with the 25-day EMA and slightly above the 50-day EMA.
In the near term, I expect the altcoin to continue finding support at 0.2400. It will likely trade within a tight range as the bulls gather enough momentum for a breakout. From this perspective, the horizontal channel’s upper border will probably be at the prior resistance zone of 0.2497.
If the bulls manage to push Dogecoin price past that level, the next target will be at 0.2555. On the flip side, a move below 0.2400 will have the bears testing the lower support level of 0.2357.
In the near term, I expect the altcoin to continue finding support at 0.2400. It will likely trade within a tight range as the bulls gather enough momentum for a breakout. From this perspective, the horizontal channel’s upper border will probably be at the prior resistance zone of 0.2497.
If the bulls manage to push Dogecoin price past that level, the next target will be at 0.2555. On the flip side, a move below 0.2400 will have the bears testing the lower support level of 0.2357.
