3 July 2025
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Dogecoin Trading Near $0.174 with Potential Target of $0.196
As of Thursday, Dogecoin is trading at $0.174, marking an 11% recovery from a low of $0.16 earlier in the week. This rebound has attracted traders' attention, but technical analysis suggests the movement may be corrective rather than indicative of a trend reversal.
Key Insights on Dogecoin's Market Activity
- The price rebounded after defending the support level around $0.16.
- Technical analyst More Crypto Online identifies the current advance as a three-wave move, lacking a definitive five-wave structure typical of trend reversals.
- Critical support remains between $0.16 and $0.166; failure to hold this range could lead to further declines.
- A potential target for the next rally is $0.196, contingent on completing the current wave pattern.
- The correlation with Bitcoin has weakened to 0.62, indicating a shift in market dynamics.
- Dogecoin's 24-hour turnover exceeds $1.5 billion, consistent with recent averages.
- A breakout above the descending channel near $0.20 could signal a more significant trend change.
In summary, while Dogecoin exhibits signs of a potential upward movement, traders should monitor key support levels closely to gauge the sustainability of this rally.