Dogecoin Price Analysis: Strong Support at $0.12 Hints at Potential Momentum Surge

While many people still consider Dogecoin a meme coin, there are new and upcoming features and developments that are making it more valuable over time, and making traders and investors aware of it. At press time, the coin is trading at $0.1251 with a decline of 2.22% over the past 24 hours.

 Strong Support Anchors Price Action

Dogecoin is in a long-term corrective trend on the daily TradingView chart. It has stabilized for a number of months between $0.12 and $0.125, forming a support level and consistently creating lower highs. Numerous long lower wicks in the last few weeks indicate continued buying pressure from buyers.

The RSI (14) has been fluctuating between 37 and 50; this indicates that there is low momentum where Dogecoin is concerned, but cautious, and no extreme bearish pressure. Dogecoin has an immediate resistance level in the area of $0.135’s to $0.145.

If DOGE can close a daily candle above either area and can increase in daily trading volume for that area, that could lead to the beginning of upward momentum ($0.15 to $0.17).

Also Read: DOGE Prints Higher Lows Near $0.13 as Market Prepares for Directional Move

Development Buzz

Recently, there has been a tweet by the user named dogegod, regarding the partnership between the Dogecoin Foundation and the founder of Ethereum, Vitalik Buterin, to explore a new Community Staking Proof of Stake Model for DOGE users.

While this new Model is being explored, users are currently very excited about the opportunity to use DOGE for staking rewards in the future. The continual discussions and additions about this Model will keep DOGE on the radar of both individuals who are already holding DOGE and those who are looking to purchase more.

In conclusion, DOGE is currently at an important point both from a technical standpoint and a narrative standpoint. The price action remains confined to a sideways range; however, strong support levels coupled with discussions about early stages of development continue to create the possibility for potential surges of momentum in the future.

Confirmation of these potential surges will require both technical breakout signals and clearly defined ongoing ecosystem developments. 

Also Read: Dogecoin Whales Accumulate 171M DOGE, Fueling Hopes for $0.70 and Beyond