Dogecoin has been relatively calm in the past hours due to lack of interest in the market. However, the trend remains in a downward range as it might experience more dip in the next few days.
The past four weeks have been an ugly moment for Doge as it shed roughly 20% loss. Recently, the cryptocurrency established support above $0.075 but has found it difficult to resume buying.
Last week, the leading meme coin tried to bounce back above the $0.09 level but the bears intercepted and the buying pressure stopped at $0.088. However, there’s still hope for recovery once money starts to flow back into the market.
Doge is currently in a downward range on the daily chart. It attempts to bounce back with a double-bottom pattern on the 4 hours chart, but the buy signal is not clear enough until the price climbs back above the recent intercepted level.
The hourly timeframe looks a bit bullish. If the price continues build up on this time frame, the asset is likely to increase well in the coming days.
In the middle of that, the bears are also negotiating for more selling opportunities. If they manage to bring the price back to the recent low, we may see another sell-off near last October’s low. As of now, the market looks indecisive.
DOGE’s Key Level To Watch
Considering the bullish formation on the lower timeframe, Doge may climb back above the $0.088 resistance next week. A push through that resistance could propel the price to $0.098 and $0.107 before breaking higher.
In the opposite direction, the $0.75 level is currently held as support. A drop below that level could fuel another sell-off to $0.0685 and $0.062 before locating a solid ground for a rebound.
Key Resistance Levels: $0.088, $0.098, $0.107
Key Support Levels: $0.075, 0.0685, $0.062
- Spot Price: $0.081
- 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.
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