Following the past week’s downturn, Dogecoin briefly regained momentum and registered a 3% gain over the past 24 hours. The buyers appeared to have stepped back, and they look forward to claiming higher levels.
While some meme coins have been performing wonderfully well lately, Dogecoin has appeared to lag over the past months of trading.
Above the past month’s recovery level of $0.067, Doge established another support at $0.08 and recently bounced off it after losing momentum for days. The price touched $0.09 today but slipped slightly to a trading price of $0.088.
Yesterday’s buying volume is high and noticeable on the daily chart. This engulfing candle indicates a strong interest in buying, and more greens are expected to follow in the coming days.
Doge appears bullish from a technical standpoint. The only condition for a bearish scenario right now lies in the breakdown of the recently established support. As long as the price holds firmly above it, we can consider more positive actions to occur.
From a long-term perspective, the future of the leading meme coin still looks promising as it occupies the 10th spot of the top-performing cryptos by market cap. However, the price is still down by 40% in the past year.
DOGE’s Key Level To Watch
In the next few days of trading, we can expect the price to increase significantly well. Before then, the closest area of interest for the bulls are the $0.094 and $0.1 resistance levels. A successful push above these levels should propel buying toward $0.11 and perhaps $0.15 in the near term.
Doge’s support is currently held at $0.08. a drop below that price level will validate a selling pressure, which could last to $0.072 and $0.067. The coin will be in an extreme oversold zone if the price falls to $0.06.
Key Resistance Levels: $0.094, $0.1, $0.11
Key Support Levels: $0.080, $0.072, $0.067
- Spot Price: $0.088
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: winst2014/123RF // Image Effects by Colorcinch