As expected, the price of Dogecoin (DOGE) was also partially impacted by the news regarding the new variant of the Covid-19 virus, the Omicron.
However, the decline was contained and after three days of decline (from November 26th to 29th) the price tried to rise again towards the target of $ 0.20, from which an attempt to consolidate for the rest of the week could start.
Today, at 12:00, Dogecoin is trading precisely at $ 0.2175, up + 1.5%. The volume of trading compared to the past 24 hours is also growing, by + 15.81%.
At the moment, Dogecoin (DOGE) remains in tenth place by market capitalization in the crypto world.
Dogecoin price predictions
In November 2021, Dogecoin lost about 30% of its value, falling from a peak of nearly $ 0.3 to the current $ 0.21 that will need to be defended to avoid further declines.
In this sense, the first value to avoid for bullish is represented by the return to the relative lows reached on November 26, 2021 at $ 0.199.
Indeed, a drop below this price value would indicate a resumption of bearish pressure on the cryptocurrency, with the possibility of testing new supports up to the 0.1780 area, at its lowest since June 2021.
If the support at $ 0.2 turns out to be tough enough, any bearish attempts could be nipped in the bud and Dogecoin could continue its current consolidation effort.
The bullish view: is there still room for a return to monthly highs?
Considering the fact that Dogecoin still remains within a bearish channel that emerged in mid-November 2021, it is unlikely that the cryptocurrency will be able to return to the monthly highs of 0.2822 in the very short term.
However, from the current price level it would be possible to expect a return to at least the value of 0.2214 from which the collapse linked to the news on the Omicron variant began.
Recovery of this level could push Dogecoin straight to the overhead resistance at $ 0.2269 and the overhead resistance at $ 0.2333.
A breakout of the $ 0.24 price level would indicate an extension of the bullish stimulus and is the latest bullish short-term target for now.
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This article was originally posted on FX Empire