The price of Dogecoin saw an impressive 31.7% gain over the past week after it established support at $0.071. The coin has shown a sign of strength, and as a result, a massive price movement is likely to occur in the coming days.
Dogecoin’s traders and investors seem to be adding more positions to their leverage size and portfolios over the past few days. After providing a discount of $0.071, the bulls showed commitment again, gained market control, and advanced toward the $0.11 resistance level. But it appears they are still struggling along the way up.
Looking at the price actions since the market started to recover last week, we can see that the daily candles are getting rejected with wicks. It reveals an inconsistent volume as the buyers continue to struggle. Their commitment is not strong enough to sustain momentum.
If the candles continue to wick by the day, the ongoing positive actions could halt and consolidate for a while before it resumes bullish. If not, the bears may gain control of the market. And if such a scenario plays out, the price will likely plummet below the current 6-month support level.
The recent discount price level remains a crucial support for this market. If it breaks, Dogecoin will lose momentum. As of now, the asset remains bullish on the daily chart.
Dogecoin Price Analysis (DOGEUSDT): Daily Chart
Dogecoin’s price is supported by the $0.094 on the daily chart. If the price breaks below this level and the $0.071 support fails to contain pressure, the next level of support would be $0.061.
Today, the price was sharply rejected at the $0.11 resistance level. If the price flips this resistance, the next buying target to consider is the $0.13 and $0.15 resistance levels. A surge above these levels would confirm a complete bullish reversal.
Key Resistance Levels: $0.11, $0.13, $0.15
Key Support Levels: $0.094, $0.071, $0.061
- Spot Price: $0.107
- 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.