The past week’s reductions led many altcoins in a serious bearish condition with Doge posting a huge loss throughout the week. But it started this week strong and now shows signs of recovery daily.
Compared to several meme coins, which recorded severe losses during the recent drag down, Doge saw little drops and managed to stay above the $0.3 level.
However, last week was a terrible period for Doge bulls as they suffered along in the dip that led to a lot of panic and fear among traders throughout that week. This brought some notable loss in the market and the price closed weak after rejecting a low of $0.31 last week.
This week, things turned out positive following that rejection and the price increased to test a daily high of $0.355. Of course, this has brought a notable recovery and as we can see, the market paints green today. A strong daily close today should allow more recoveries!
But if the bears intercept the current recovery, making the price go south again, we can anticipate a huge collapse once the price breaks below the monthly low. That should bring a broader correctional phase.
Looking at the recent setup, the bulls are much more likely to have an upper hand. Regardless of that, the overall market remains bullish as it slowly jerks up for another rally.
DOGE’s Key Level To Watch
Source: Tradingview
Regarding daily gains, Doge is leading the top meme coin park with a 10% daily gain. An increase in the recovery could bring trading back to the previous weekly high of $0.4, along with the $0.48 resistance. A break out of this resistance will confirm a new bullish phase to $0.6 and above.
The correction appeared to have ended. If it resumes with a crack below the monthly $0.262 low, the potential support levels for an extension would be $22 and $0.18.
Key Resistance Levels: $0.4, $0.48, $0.6
Key Support Levels: $0.262, $0.22, $0.18
- Spot Price: $0.35
- Trend: Bullish
- 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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