While some major meme coins have shown a little strength in the past hours, Doge Coin remains calm as it waits for the next moves. We can anticipate more dip as its bias remains bearish on the micro level.
Doge posted a substantial loss in the past weeks in continuing its bearish movement from $0.175 in May. Amid this month’s decline in the global market, volume is yet to flow into the leading meme coin.
Compared to the high reductions amongst other top meme coins, Doge’s drops appeared moderate this week due to low selling pressure in the market. The price has stalled at around $0.124 for the past three days.
Nonetheless, the trend is still positioned in a downward range on the daily graph as it trades close to the yearly low. It is gathering momentum for a fresh decrease on the lower timeframe, which could play out on the higher timeframe soon.
Doge’s intraday trading looks weak due to recent drops. An extension of selling could trigger more downward movement on the micro-outlook. A recovery above May’s high should bring an end to the drops in no time.
Regardless of the above, the leading meme coin’s future looks promising as traders and investors are still very optimistic about a big gain from a long-term perspective. This should fuel more bullish sentiments with a low risk and high reward soon.
DOGE’s Key Level To Watch
The $0.12 and $0.11 levels are currently held as support. Losing these levels might cause a quick sell-off to the $0.0916 support level. There’s also support at $0.08 if the price continues to tank.
There’s a resistance at $0.14. If the bulls tap it, the next area of interest would be the $0.154 resistance, followed by $0.167 and $0.175.
Key Resistance Levels: $0.14, $0.154, $0.167
Key Support Levels: $0.12, $0.11, $0.0916
- Spot Price: $0.124
- Trend: Bearish
- 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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