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Dogecoin (CRYPTO: DOGE) traded flat on Sunday, even as a popular cryptocurrency analyst warned the memecoin lacks good support below current levels.
Dogecoin rose less than 1% over the last 24 hours, even though trading volume for the dog-themed cryptocurrency surged 95% to $1.16 billion.
The coin lagged behind market heavyweights such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which rallied 1.90% and 2.64%, respectively.
Despite the muted price, open interest for DOGE futures rose 1.27% in the last 24 hours, according to Coinglass, hinting at a significant move ahead.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted DOGE has a “weak support” at the current levels.
“If price breaks down, the next significant support zone begins near $0.081,” the analyst said, speculating a 42% drop.
Trader Tardigrade, another popular chartist, highlighted a symmetrical triangle pattern on DOGE’s 12-hour chart, potentially signaling a bullish reversal from the ongoing downtrend.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Buy” reading for DOGE, according to TradingView.
Meanwhile, the Awesome Oscillator, which calculates the difference between a 34-period and 5-period Simple Moving Averages, flashed a “Sell.”
Price Action: At the time of writing, DOGE was exchanging hands at $0.2067, up 6.02% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
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