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Dogecoin (DOGEUSD) remains trapped within the ascending channel pattern, showing signs of buying near the support line and selling near the resistance line. Currently, DOGE is trading at $0.3593, with a 1.80% increase, indicating a modest bullish movement.
If buyers manage to push the price above the moving averages, the DOGEUSDT pair could climb toward the $0.40 resistance level and potentially reach the channel’s upper resistance. A successful breakout and close above the channel could signal a strong rally, with the next target at $0.48.
However, if Dogecoin turns down from the moving averages, the risk of a breakdown below the support line increases. This could lead to a significant decline, with potential targets at $0.30 and the 61.8% Fibonacci retracement level at $0.27.
Trading Data (as of 12:40 PM, 24 January 2025 GMT-5):
- Dogecoin (DOGEUSD) Price: $0.3593 (+1.80%)
- Market Cap: $53.095 Billion
- 24-Hour Volume: $2.67 Billion
- Circulating Supply: 147.76 Billion DOGE
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.