Dogecoin (DOGE) is currently at a pivotal point in its price journey. The crypto community anxiously awaits to see if history will repeat itself after tripping at the previous peak. Despite this setback, DOGE bulls remain determined and are focused on reaching the $0.075 target a level that could represent a breakthrough if achieved.
As digital currency continues to attract attention and interest, the burning question is whether DOGE can overcome this crucial obstacle and reach new heights.
DOGE Bulls Set Sights on Crucial Re-Entry
According to data from Coingecko, DOGE is currently valued at $0.071, showing a slight increase of 0.5% over the past 24 hours and consistent gains of the same percentage over the past seven days. The recent price movements suggest that DOGE has been setting higher highs and lows since mid-June, giving bulls an edge.
However, the recovery hit a bump when it reached the previous high of $0.0751. Despite this, bullish investors saw a chance to re-enter the market at the price imbalance and fair value gap between $0.0694 and $0.0655.
A report on DOGE’s price shows a clear pattern where the price usually reaches the fair value gap before continuing on its previous path. This trend has been observed as DOGE has already bounced back twice from the fair value gap zone. Additionally, this range aligns well with the rising trendline support.
Given this context, if the price is rejected at the previous high of $0.075, it may find support at the confluence. As a result, this area is of great interest to bullish investors as it could present another attractive buying opportunity.
Although Dogecoin remains popular as a meme coin, another report presents a less optimistic view of the cryptocurrency, indicating that investors are starting to look for other options. The once highly-touted meme coin is trading at over 90% below its all-time high, indicating a substantial drop in value.
Amid differing opinions among analysts, some with a positive outlook predict a possible rise toward $0.07. On the other hand, others hold a more negative view, anticipating a potential drop below $0.05.
