So far, Doge has recovered well in the past week after reestablishing support above a key level two weeks back. The price just broke through an important resistance level as the market turns in favour of the bulls.
For the first time in seven months, Dogecoin went through its highest volatile buying session in the past week of trading. The daily chart shows that the trend is shifting as the price breaks out of structure.
This breakout was triggered by a surge from the $0.1 level after making a small pullback from the $0.13 level late last month. This psychological level has held well since the start of the month and is now considered as a key support on the monthly scale.
However, the daily outlook is currently bullish as it charges towards July’s high. Reaching this high could set the market up for a massive explosion while the price breaks higher. If such a move comes into play, the market structure will completely shift from a short-term perspective.
That shift may later come with a higher high and higher low formation, which is now slowly playing out on the daily chart. Currently, there are no signs of selling, but looking at the bigger picture, Doge is still trading in a bearish zone on the macro level. While the future looks promising, a bigger price movement can be expected as it turns bullish.
DOGE’s Key Level To Watch
In the latest breakout, though not significant yet, the $0.143 resistance (July’s high) is the closest level to keep in mind for a test, followed by $0.16. The resistance above this level is $0.175.
In case of a pullback, the $0.115 level is considered as support. Below it lies the $0.1 and $0.089 levels, marked as this month’s and last month’s low.
Key Resistance Levels: $0.143, $0.16, $0.175
Key Support Levels: $0.115, $0.1, $0.089
- Spot Price: $0.133
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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