- Dogecoin value lacks volatility as Bollinger Bands tightly envelop it.
- A bullish breach of the no-trade zone extending from $0.056 to $0.059 would possibly see DOGE surge 20% to $0.072.
- An 8% downswing to $0.051 is like if the $0.056 stage is breached.
Dogecoin price awaits a transparent development to determine because it trades in a no-trade zone.
Dogecoin value stays lull
Dogecoin value has been trending higher, albeit slowly. On the time of writing, Bollinger Bands are squeezing DOGE, which signifies an absence of volatility and decreased market members. As long as the meme coin stays throughout the no-trade zone starting from $0.056 to $0.059, risky strikes can’t be anticipated.
Nonetheless, if Dogecoin value manages to pierce by means of the higher boundary of this no-trade zone, a bullish narrative might evolve. On this case, DOGE might first surge 8% to $0.064.
A decisive shut above this mixed with the persistence of buying pressure might additional propel the meme coin to $0.072, coinciding with the 127.2% Fibonacci retracement stage.
DOGE/USDT 6-hour chart
Including credence to this optimistic outlook is IntoTheBlock’s In/Out of the Cash Round Worth (IOMAP) mannequin, which exhibits a large demand barrier at $0.057. Right here roughly, 180,000 addresses beforehand bought a whopping 13 billion DOGE.
In comparison with this, the availability barrier at $0.058 is smaller because it harbors roughly 68,000 addresses holding about 8.7 billion DOGE tokens.
Subsequently, a spike in bullish momentum might see the resistance at $0.058 breach first. Regardless, solely a decisive shut above $0.059 will strongly verify an uptrend.
Dogecoin IOMAP chart
Traders must preserve a detailed eye on the $0.056 barrier, as a drop beneath this might doubtlessly set off cascading promote orders from underwater buyers round $0.058.
In such a case, Dogecoin value might drop by 8% to a secure demand barrier across the 50% Fibonacci retracement stage at $0.051.