Amid the crypto bloodbath, the price of Dogecoin decreased by over 20% in a week, making the cryptocurrency trade conveniently below the $0.09 level.
Reacting to the latest red in the crypto market, Dogecoin saw a lot of price reductions over the past few hours. It is looking weak again after witnessing a staggering loss in the past days of trading.
Yesterday, the price plunged to $0.74 following a two-week roller-coaster from $0.11. Although, the bears have taken a break, and the price has increased slightly to a trading price of $0.0773 at the moment.
The coin could further recover up to $0.084 if the bears continue to take a break. However, if Dogecoin finds it difficult to retake the $0.08 level before the end of the week, the price will continue to decrease.
The bearish action is likely to extend in the coming weeks if the price keeps dropping, especially beneath the crucial level of $0.07. On the other hand, this mentioned level could allow the bulls to regain control if they can act upon it.
Nevertheless, Dogecoin is trading in a negative zone across all time frames, which means that the bears are now in charge. It would need to reclaim the $0.11 resistance level before we can start to consider a bullish move.
Dogecoin Price Analysis (DOGEUSDT): Daily Chart
After the weekly low of $0.074, which was marked yesterday, the $0.071 level is the next level to watch for a rebound. A dip below $0.07 will cause a quick drop to $0.061, where the price surged through in October. Below it lies the $0.055 and $0.05 support levels, which mark the current yearly low.
As mentioned above, the resistance levels to watch for recovery lies at $0.08 and potentially $0.084. The $0.94 level would be next if the price further increases. Dogecoin looks indecisive on the hourly chart at the moment.
Key Resistance Levels: $0.08, $0.084, $0.094
Key Support Levels: $0.074, $0.071, $0.061
- Spot Price: $0.0774
- 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.