As few top meme coins recovered from their recent low over the past week, Dogecoin remained flat and continued to show signs of weakness on the daily outlook. However, it is currently up following a 3% gain.
After witnessing a four-month roll down to the yearly low region, Doge saw rejection and quickly climbed back to the key $0.1 level last week.
While it continues to trade calmly at this key level, indicating a lack of interest in the past week of trading, the leading meme coin remains bearish on the daily scale with no signs of extension at the time of writing.
Although, the bulls are currently showing interest. But the trading volume inflow appeared low at the moment. If the volume increases in the next few hours, the latest buying pressure may become noticeable on the daily chart.
Losing grip above the key trading level, Doge may revisit the recent low and even dip lower before finding new support on the weekly scale. Considering the recent greens across the market, it may see a small recovery before resuming a dip.
If that happens, we can expect a small price retracement. A rejection under this price level could activate another leg down in no time.
DOGE’s Key Level To Watch
Source: Tradingview
In case of an increase, the closest resistance level to consider for a retracement is $0.12. If Doge advances higher, the next line of resistance to watch is $0.14. Reaching the $0.154 resistance could bring a slight shift in the trend from a short-term perspective.
Towards the downside, the $0.0915 level is held as support. A drop below it could bring us to a new low of $0.08 and potentially $0.07 shortly.
Key Resistance Levels: $0.12, $0.14, $0.154
Key Support Levels: $0.0915, $0.08, $0.07
- Spot Price: $0.1097
- Trend: 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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