Doge’s trading has entered a crucial support zone after witnessing several losses in the past months. Amid the latest volatility shrink on the daily chart, it appeared to be preparing for a big expansion.
The leading meme coin – Doge has halted selling for the past couple of days as it briefly gathers liquidity for the next big move.
Looking ahead, things are likely to get worse for Doge soon with the underlying volatility contraction, which is expected to expand south from a technical perspective. The current consolidation phase is considered a break period as bearish action is expected to resume sooner or later.
But if the bulls defend the current holding support well, we may see a short bounce. A strong close above last month’s high could bring the bulls back in the market. With the market conditions, the chances for a rebound are slim as more breakdowns lie ahead.
There’s nothing much to expect at the moment as trading looks boring due to a lack of interest amongst traders. The market will continue to stay calm until a surge in volatility occurs. Doge is currently down 14% on a yearly scale with a market cap of $11.2 billion at the time of writing
DOGE’s Key Level To Watch
While holding well above two-month support of $0.078, a crack below it could bring the price to a lower support level of $0.075. The subsequent support to watch for drops are $0.0685 and $0.0619
There are currently no signs of buyers in the market. If they find their way back in, we may see a short rebound to the $0.083 level. Above this level lies the $0.0905 and $0.098 resistance levels in case of a rebound.
Key Resistance Levels: $0.083, $0.0905, $0.098
Key Support Levels: $0.075, $0.0685, $0.0619
- Spot Price: $0.0783
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.