The negative market sentiment has spread rapidly, and the Dogecoin price continues to range around $0.2<\/a> as a result. This puts the meme coin in a perilous position that could see its decline deepen from here. One thing that could make a difference would mean a rise in momentum, but volume is already down by a significant amount, so this route has remained a problem. Another major problem is the resistance mounting at $0.21 that could stop any recovery rally in its tracks.<\/p>\n Crypto analyst Diana Sanchez has highlighted<\/a> the bullish potential of Dogecoin, suggesting that the price has been showing strength. This comes with the recent market fluctuations<\/a> ahead of the decision from the Federal Reserve following the FOMC meeting. At this point, though, there is an important level where there is still a lot of resistance.<\/p>\n The first thing the analyst points out is that despite the current struggle, the Dogecoin price has already increased<\/a> by over 43%. This makes it one of the best performers<\/a> among the top cryptocurrencies by market cap, and the momentum could turn bullish once again.<\/p>\n However, the major problem now lies at the $0.218 level, where the bears are now mounting their defense. As for now, it continues to maintain the support at $0.2, and this has become the major source of interest for the bulls who are looking to continue the rally.<\/p>\n The main point right now, the crypto analyst explains, is to break the resistance at $0.218. If this resistance is broken, then the Dogecoin price is expected to continue to rally. With this, the analyst says the Dogecoin price rising to the $0.5 target<\/a> is no longer a dream.<\/p>\n Despite the bullishness that is showing on the Dogecoin price chart, the fact that the meme coin\u2019s daily trading remains low continues to put a damper<\/a> on things. At the start of October, the daily trading volume had spiked above $20 billion before seeing a retracement.<\/p>\n Since then, though, the daily trading volume has continued to decline, reaching an average of $5 billion at the time of writing, as shown<\/a> on the Coinglass website. So, unless there is a notable increase in the trading volume, any breakout could lack momentum, meaning the price could quickly correct and retrace its gains<\/a>.<\/p>\n Featured image from Dall.E, chart from TradingView.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The negative market sentiment has spread rapidly, and the Dogecoin price continues to range around $0.2 as a result. This puts the meme coin in a perilous position that could see its decline deepen from here. One thing that could make a difference would mean a rise in momentum, but volume is already down by […]<\/p>\n","protected":false},"author":2,"featured_media":409641,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-409640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/409640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=409640"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/409640\/revisions"}],"predecessor-version":[{"id":409643,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/409640\/revisions\/409643"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/409641"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=409640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=409640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=409640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What Happens If The Dogecoin Price Breaks $0.218<\/h2>\n
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Low Volume Could Be A Hindrance To Recovery<\/h2>\n
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