Doge Price At Make Or Break Zone: Will Bulls Secure $0.1200 Mark?

• 1 The Dogecoin price slipped below the 200-day EMA mark and looks bearish this week.
• 2 Its RSI curve dragged to the oversold region and signified a probability of bounce ahead.

The Dogecoin (DOGE) price breached the range neckline support of $0.1300, signifying a breakdown this week. Moreover, it has approached its crucial make-or-break zone of $0.1200.

For over one and a half months, the Dogecoin (DOGE) price was in a closed range and showed no impulsiveness. However, sellers reactivated their muscles and triggered a breakdown this week.

A conditional rebound sign could be anticipated if the Dogecoin price retained the 200-day EMA mark while the selling pressure was not as high. It conveys that DOGE might settle gains and will see a pullback soon.

At press time, the Dogecoin (DOGE) price traded at $0.1232 with an intraday surge of 4.11%, reflecting neutrality on the charts. It has a monthly return ratio of -29.3% and 84.30% yearly, reflecting long consolidation.

The pair of DOGE/BTC is at 0.00000201 BTC, and the market cap is $17.69 Billion. Analysts are neutral and suggest that the DOGE price may retain the 200-day EMA mark and will see a pullback ahead.

Could Sellers Push Dogecoin Below the $0.1200 Mark?

Following the market leaders’ (BTC and ETH) declines, Dogecoin also faced a slight bearish wave and eroded over 12% of gains this week. Meanwhile, it has breached its crucial key moving averages and sails in the downtrend. 

A break and close above the $0.1500 mark could unfold the Dogecoin price toward the $0.1800 mark. Conversely, it might face further selloff if it fails to hold $0.1200.

Source: Santiment

The trend is weak, and selling on a bounce structure is imminent. It had not shown any notable bullish swing for the past few weeks and stayed cool on the charts.

The RSI curve slipped to the oversold region, and a negative divergence was observed on the charts. Meanwhile, the MACD indicator signifies a bullish crossover and suggests a pullback ahead.

A post on the X platform revealed that Dogecoin price trades at the make-or-break level and might settle around there.

#Dogecoin Make or break here. $DOGE pic.twitter.com/MAw1Ay7rK1

— Jake Wujastyk (@Jake__Wujastyk) June 24, 2024

Source: X

What Do Social Metrics Indicate?

The Social Dominance curve witnessed a spike of over 12% to 1.367% and consistent user participation on social media platforms.

Meanwhile, the Twitter followers’ data looked negative and remained near the midline, noted at -667.

Source: Santiment

The development activity data looks negative, and the value sails in the downside region around the 0.54 mark with no significant changes.

The Futures OI Data Reveals Long Buildup

Amidst the range breakdown on the charts, the buyers have begun to accumulate the coin and made fresh long positions in the last 24 hours.

Source: coinglass

The open interest value soared over 4.30% to $608.05 Million, indicating fresh long buildup activity in the past 24 hours.

Buyers have to secure gains above $0.1200 to avoid any massive sell-off ahead of time, and they will be looking for a significant rebound in the next sessions.

The immediate support levels for the Dogecoin price are $0.1200 and $0.1120, whereas the key upside hurdle is around $0.1390, followed by $0.1500.

In the end, the Dogecoin price slipped below the 200-day EMA mark, and a range breakdown was witnessed this week. Interestingly, the seller army is looking to push the coin below its key support zone of $0.1200 and eyeing a follow-on selloff ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.