Losing more than 25% in seven days, Dogecoin DOGE alongside other meme coins have posted huge losses since late March. It currently follows a bearish sentiment with a new sell order block forming.
Towards the end of the first quarter, Doge started to show signs of weakness after exploding massively to a multi-month high of $0.229. This was followed by a sudden rejection and steady drops until it found temporal support at $0.167.
This support produces a bounce and the price retraced slightly to $0.21, where it initiated the second leg down earlier this month. The price fell to a low of $0.13 last week. It bounced and faced rejection again.
Looking at the price actions, the new bearish trajectory is still much in play on the daily chart. Although it has cooled off selling in the past few days but we can expect more swing low to take place shortly
Taking a week break in selling, it is now looking set for another leg down on the 4-hour timeframe following a notable loss in the past hours. A surge in volatility lurks around the corner.
If the bulls react to the current price and manage to suppress the latest drops, the selling pressure may hold for a while before resuming. But with the look of things, the bulls may find it difficult to intercept.
DOGE’s Key Level To Watch
In the latest drop, Doge may revisit the $0.131 level, tested as monthly low, followed by $0.123. A drop below this level could slip the price to $0.11 and perhaps the $0.0916 level.
As it stands now, there’s no room for buying. But if the bulls show interest, we may see another retest at the $0.167 resistance. Higher resistance levels for an increase are the $0.19 and $0.21 levels.
Key Resistance Levels: $0.167, $0.19, $0.21
Key Support Levels: $0.131, $0.123, $0.11
- Spot Price: $0.147
- Trend: Bearish
- 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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