Recently, prominent crypto analyst Crypto VIP provided insights into the current state of Dogecoin (DOGE), highlighting the existence of a no-trade zone for the meme coin. His analysis emphasizes critical support and resistance levels that traders should monitor as DOGE continues its sideways trading trend.
Dogecoin Price Trading In A No Trade Zone
In an X post, Crypto VIP articulated that Dogecoin is currently locked in a no-trade zone. Following a recent downtrend, this analysis notes that DOGE is now trading within a confined range. According to the analyst, traders should exercise patience, waiting for a breakout above the resistance level or a retest of the support level before making any new investment decisions.
The analyst identified a support zone in the range of $0.143 to $0.149, with a resistance zone between $0.176 and $0.187. The provided chart indicated that should DOGE escape the $0.187 resistance, it might face another major resistance barrier between $0.23 and $0.24.
In contrast, fellow crypto analyst Ali Martinez expresses a more optimistic outlook for Dogecoin, predicting an upside breakout. Martinez stated that a closing price above the $0.16 to $0.18 range could initiate a 16% price increase, potentially allowing DOGE to reclaim the significant psychological level of $0.20.
Another analyst, Master Kenobi, suggested that the current period might present the last opportunity for traders to witness DOGE priced below $0.18, hinting at an imminent bullish reversal. His chart analysis predicted the possibility of a surge to as high as $0.8, which would establish a new all-time high (ATH) for Dogecoin, with expectations that it could reach $1 by June.
DOGE Could First Retest $0.143 Support Level
Another crypto analyst, Trader Tardigrade, foresees a probable retest of the $0.14 support level prior to any anticipated bullish reversal. His analysis indicated a bearish candlestick pattern, specifically the Bearish Tweezer, coupled with a false breakout at the $0.176 resistance level.
Trader Tardigrade elaborated that a downward move to revisit the previous support level of $0.143 is more likely, potentially resulting in a sideways trading range between $0.143 and $0.176. For the Dogecoin price to successfully breach the $0.176 resistance, the market must establish momentum by forming higher lows just below this resistance.
As of now, Dogecoin is trading around $0.164, reflecting a decline of over 3% in the last 24 hours, according to data from CoinMarketCap.
