Dogecoin saw a nice rejection following the latest Bitcoin price drops from the $17k level. It has formed a bearish pattern on the lower time frame as the price targets the $0.09 level.
After witnessing a 15-day recovery to the $0.11 level, Dogecoin failed to sustain momentum, and the price dropped again. The selling pressure is becoming noticeable in the lower time frame with a formed double-top pattern.
This bearish pattern, which was signaled two days ago with an inverted hammer, is playing out on the daily chart. The bears appeared not to have given up on this cycle. Although the bulls have also shown commitment to defend the $0.05 level since June.
How well they can hold this level to activate a bull run will be determined in the coming months. As of now, the market is still looking dicey despite crashing by 46.3% in a year. Meanwhile, the ongoing bears’ commitment could still hold the market on a downward slope for a while before we can see a complete reversal.
But if we look at Dogecoin’s market structure on the weekly and monthly chart, we can see that the bear cycle will likely round up soon as the bottom is near.
In summary, Dogecoin struggles to move out of the long-term bearish cycle. If the price dips below the June level again, we should expect another price collapse.
Dogecoin Price Analysis (DOGEUSDT): Daily Chart
Now that the price is selling again let’s consider the levels to keep in mind for a rebound.
The price just bounced sharply from the $0.094 level. If the price drops below it, we can consider the $0.08 level to be the next sell point. If this level fails to provide a rebound, the selling target would be $0.071, where the price recently recovered.
Currently, the $0.11 level is held as resistance. If the market restarts bullish, Dogecoin would need to overcome this resistance before it can push higher to $0.13 and $0.15. For now, Dogecoin’s price is down by 4% over the past 24 hours.
Key Resistance Levels: $0.11, $0.13, $0.15
Key Support Levels: $0.094, $0.08, $0.071
- Spot Price: $0.096
- 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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