Dogecoin is down on a daily outlook after experiencing a consistent reduction over the past weeks. The price has dropped near its 2022 low as the bears remain in control.
Despite Bitcoin’s calmness over the past few days, altcoin like Dogecoin has remained indecisive and is yet to find a key level for a rebound. Although the coin is still looking bearish from a long-term perspective. No sign of strength to activate a positive rally at the moment.
Meanwhile, it had seen a substantial gain since the start of the year. But due to the low volatility over the past few days, trading activities have been boring with little turn-up from the bull sides. This lack of interest has held the price beneath the $0.076 level for a while.
However, an increase above this mentioned level could trigger a small upward rally. The leading meme coin would need to climb above the $0.079 level before buying pressure can happen.
There is nothing much happening right now. DOGE currently faces a crucial resistance level at $0.072 as it looks for a lower price level on the weekly scale. At the time of writing, the trend is in favor of the bears from a technical standpoint.
DOGE’s Key Level To Watch
Dogecoin has been technically undergoing a serious squeeze for the past few days.
If the price plunges and breaks through the $0.066 level, the target level to consider as support is $0.061. Right below this level lies the $0.057 support. The $0.05 level is the next potential support to keep in mind if the price keeps falling.
In the opposite direction, it trades at a crucial resistance level following a slight retracement over the past week. It may retest the $0.08 resistance level if the price further retraces. There is also resistance at $0.094 and $0.11 in case of a change in trend.
Key Resistance Levels: $0.08, $0.094, $0.11
Key Support Levels: $0.061, $0.057, $0.05
- Spot Price: $0.071
- Trend: Neutral-Bearish
- Volatility: Low
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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