Dogecoin Teeters on Edge: Can It Secure $0.20 Support Before Month End?

  • Dogecoin is experiencing intense volatility that has kept its price bearishly low.
  • Despite this gloom, top market analysts predict the coin can soar to a minimum price of at least $0.20.

Dogecoin (DOGE), a popular meme coin in the crypto market is currently hanging on the balance following a market downturn that resulted in its price declining. This has led to questions on whether the price of DOGE can clinch a support level of $0.20 before the end of this month.

Dogecoin’s Journey to $0.20

Crypto trader and analyst Rekt Capital highlighted in a Newsletter that Dogecoin’s primary goal in March was to retest the red $0.20 level as fresh support following a positive monthly close. However, the meme coin retraced deeper than expected levels, dropping close to $0.12 low. This move from DOGE provided the impression that the coin was returning to the $0.12-$0.20 region after breaking out of it previously.

Furthermore, this downside volatility brought DOGE near to retesting the macro downtrend it broke out of last month. By so doing, DOGE converted an old multi-year resistance into new multi-year support. In essence, DOGE has thoroughly verified its new macro uptrend by conducting this retest. 

Therefore, Rekt Capital believes that DOGE might rebound in time for the April monthly close to $0.20 or higher based on a technical standpoint. If this comeback fails, Rekt Capital predicts that DOGE will continue in the black-red range ($0.12-$0.20) until it is ready to break free again.

The analyst highlights that preserving DOGE’s new macro uptrend depends on the convergence of the macro downtrend and the range low at $0.12. It is important to note that Dogecoin has successfully retested this region thus far, which bodes well for its future price movement. With a lot of time remaining in the current monthly candle, there’s still a probability that DOGE will reclaim the $0.20 level as support before the month draws to a close.

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At the time of writing, DOGE is trading at $0.1449, demonstrating a 7.9% decline in the past day with market capitalization also down by 7.9% to $20.86 billion. Despite this decline, the trading volume is up by 2.4% to $2 billion, a tail sign that the meme coin is on the verge of recovery.

Surprisingly, recent data from IntoTheBlock reveals a vast majority of DOGE owners still making money. As formerly reported by Crypto News Flash, 83% of the wallets holding Dogecoin are still lucrative, with 3% making money and 14% losing money.

Can DOGE Secure $0.20 Support Before Month End?

While DOGE’s path to the $0.20 support level by the end of the month is difficult, it is not impossible for the meme coin. 

Early this month, DOGE crossed the $0.20 mark, reaching a weekly peak of $0.2083 following a bullish trend in the market. For the past year, the DOGE price grew by 55.5%.

According to a prior report by Crypto News Flash, analysts expects more than just a reclaim of the $0.2 level, they projected a climb to $0.291680 in the coming sessions.

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