While reaccumulating for the next leg up, Doge witnessed an unexpected move and dipped to a new monthly low in the latest clampdown. It has recovered slightly overnight but appears set for another drop as bias turned bearish.
Doge has posted a substantial gain in the past month in continuation of its recovery phase, which was activated from the low of $0.12 in May.
Unfortunately, the recovery halted as it failed to push above the $0.175 level, marked as last month’s resistance. It retraced and found support above the $0.154 level. The bulls acted upon that level and pushed the price to $0.165 this Thursday.
A rejection occurred and the asset took a downturn, breaking through the mentioned support to exactly $0.14 yesterday. Although trading is back at $0.148 due to a small bounce, but is now brewing for another dip.
Last month’s low is the next target level for selling in the near term. If the price dips below this low, Doge may retest February’s resistance as support. A bounce from there should activate a fresh buying pressure.
If the bulls defend the recent low well, the price may bounce back at full speed. Currently, the trend is in favour of the bears, providing low risks and high rewards on the futures while spot traders are counting losses.
Though short-term traders and investors are pessimistic due to the latest dip but the leading meme coin’s future is still promising from a long-term perspective.
DOGE’s Key Level To Watch
The lost $0.1544 level is now held as an immediate resistance. A rise above this resistance could bring us back to $0.167 and $0.175 before breaking higher.
Losing the recent $0.14 low might bring the asset down to the $0.11 support level. There’s also support at $0.0916 if the price continues to tank.
Key Resistance Levels: $0.1544, $0.167, $0.175
Key Support Levels: $0.12, $0.11, $0.0916
- Spot Price: $0.148
- 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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