- Dogecoin price trades just 9% above the monthly low.
- DOGE has failed to establish grounds as the .382 Fibonacci level rejects bullish momentum.
- Only a daily close above $0.1228 can lead to further gains.
Dogecoin price shows more signs that the idea of future capitulation might be invalidated as bulls appear to have taken control over prices. Still, DOGE has yet to print a daily close above a critical area of resistance to confirm the optimistic outlook.
Dogecoin price wants to go higher
Dogecoin price has traded within a 9% range this week, with a low placed at $0.11 and a high of $0.122. The coiling price range also comes with low volume signaling no new changes in the overall trend.
Short-term investors could be concerned about the current price action after seeing consistent failure against all of the solid Fibonacci levels. This week the meme coin has failed to hold grounds against the .382 level, which is usually considered “the straw that breaks the camel’s back” amongst intraday traders.
It is worth noting that Dogecoin price has been historically known to make erratic and unpredictable bull rallies. The first indication that the bulls are back in the market will be a break and close above the .5 Fibonacci level at $0.1228 daily. Should this happen, the bulls will look to challenge highs at $0.135 and $0.1, up to 25% above the current price.
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