Dogecoin price is trading within a horizontal channel while holding steadily above the crucial support level of $0.2500. According to CoinMarketCap, its trading volume has dropped by 55.25% at $2.66 billion over the past 24 hours. However, its market cap is up by 4.01% at $33.46 billion.
Notably, the trend observed in Dogecoin price is similar to that of other cryptocurrencies. The leading crypto – Bitcoin – is hovering around $46,000 as it trades within a tight range of between $45,614.24 and $46,819.44 for the second consecutive session. Altcoins such as Ethereum Classic and Bitcoin Cash are also exhibiting a similar trajectory.
DOGE is trading above the support level of 0.2500 after declining to a one-month low of 0.2097 earlier in the week. Notably, that support level has been a crucial one for the altcoin since early August.
At the time of writing, Dogecoin price was down by 0.45% at 0.2554. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. Based on both the fundamentals and technicals, it will likely record curbed gains in the short term.
In the near term, I expect the crypto to remain within a rather tight range of between the support zone of 0.2500 and along the 25-day EMA at 0.2617. A pullback from the horizontal channel will likely place Dogecoin price at the support level of 0.2400.