DOGE Hits a Pivotal Point Amidst Intense Bull-Bear Struggle

• Dogecoin (DOGE) may soon test a significant resistance level.
• DOGE’s price has been stagnant, trading between $0.05835 to $0.06450.
• If DOGE closes above $0.06450, it could reach $0.07195.

Technical analysis indicates that Dogecoin may be poised to test a significant resistance level in the near future. Nevertheless, sellers have been actively working to thwart such a move. Data from CoinMarketCap reveals that the price of the meme-based cryptocurrency has declined by 0.22% in the last 24 hours, which has subsequently reduced the value of the altcoin to $0.06187.

The minor depreciation in DOGE’s value occurred during a time when the total market capitalization of meme coins decreased by 0.55%. As a result, the aggregate market capitalization of all meme coins was projected to be around $14.4 billion.

Over the past several weeks, DOGE’s price has been relatively stagnant, with the meme-based cryptocurrency trading within the $0.05835 to $0.06450 range. However, the digital currency is currently testing the upper boundary of this consolidation range.

Over the last three days, DOGE has managed to surpass both the 9-day and 20-day EMA lines and has maintained its position above these technical indicators. If DOGE manages to end today’s trading session above the 20-day EMA line, which is approximately at $0.06187, it could establish the necessary base to finally escape from the ongoing lateral trading range.

If the meme coin manages to close above $0.06450 on a daily basis, it will be a notable achievement, especially since it aligns with the 50-day EMA line. As a result, traders might see a close above this level as a favorable buying opportunity. Should this optimistic scenario occur, the price of DOGE could increase to the next resistance level of $0.07195 within the next two weeks.

Conversely, if DOGE ends today’s trading period beneath the 20-day EMA line, it could negate the bullish perspective. Under this more pessimistic outlook, the digital currency’s value may aim to revisit the $0.05835 support level in the subsequent week.