Beyond the Bark: Charting Dogecoin’s Path Through Support & Resistance

Dogecoin and Shiba Inu experienced a downturn, falling over 5% within a 24-hour period, even as overall meme coin trading volume surged by 44%.

Conversely, Trump and Brett meme coins defied this trend, exhibiting significant gains of 28.74% and 8.29%, respectively.

DOGE currently trades near key Fibonacci levels, with some predicting a price as high as $2, despite bearish technical indicators.

Meme coin leaders Dogecoin (DOGE) and Shiba Inu (SHIB) saw a price correction on Thursday, each declining over 5% in the last 24 hours. However, their weekly performance presents a contrasting picture. DOGE remains up 10.5%, and SHIB shows a 9.44% increase over the past seven days, according to CoinMarketCap data.

The Trump-themed token, TRUMP, significantly outperformed the market, soaring 28.74% to regain the $12 price point, fueled by renewed political interest. The meme token BRETT also demonstrated resilience, registering an 8.29% increase in the past 24 hours and a remarkable 50% rally over the past week.

Despite these exceptions, the total market capitalization of the meme coin sector decreased by 3.30% to $52 billion.

Dogecoin Consolidation: Technical Analysis

At the time of writing, DOGE is trading at $0.1729, representing a 3.21% daily decline. The current price action suggests a period of sideways consolidation with low trading volume, as buying and selling pressures remain balanced.

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