Dogecoin has been highly volatile, with its price surging by 44%, followed by a 9% dip since October 10, sparking mixed sentiment among analysts and investors about its future movements. While some anticipate a major rally driven by renewed interest, others suggest a potential consolidation phase ahead.
Top crypto analyst Bluntz highlights a classic liquidity sweep on the Dogecoin chart, often seen before a major price shift. Dogecoin is testing crucial liquidity levels and market participants are awaiting signs of either an upward rally or consolidation period.
An important trading range for Dogecoin is between $0.15 to $0.133, with a decisive break above it signaling a possible massive rally. Despite Bluntz's optimism, current volatility might lead to sideways trading before any significant breakout occurs.
Dogecoin is currently trading at $0.136, holding above the crucial $0.12 resistance turned demand level, indicating potential bullish momentum. The daily 200 moving average at $0.128 serves as an important support level, which if maintained, suggests long-term stability for DOGE.
If Dogecoin remains above the $0.12 area, it could experience a healthy consolidation phase, paving the way for an uptrend. Investors are closely observing this level for any signs of sustained momentum or further downside.
