Doge remained bullish on the daily timeframe but has seen a small 2.5% drop in the last 24 hours. A bounce above the $0.75 level is likely to keep the bulls on track. It currently looks weak as it nears a dynamic resistance.
After bouncing off the $0.057 level last month, Dogecoin’s price increased well and later pulled back from $0.066 in the same month.
This month, the meme coin bounced back and resumed buying pressure. Despite facing several hurdles in the past weeks, it reached a key resistance area last weekend. It encountered rejection at $0.081 and pulled back slightly. Now looking for nearby support to bounce back.
However, it is still looking bullish on the daily chart but now showing signs of weakness. A drop below the $0.075 support level could activate selling pressure in the market. From a technical perspective, Doge is likely to push higher before initiating a drop.
Despite the recovery in the past month, the crypto remained bearish from a mid-term perspective. As shown on the daily graph, the price is still trapped in a descending channel. A weekly candle close above this channel will confirm a bullish reversal from a short-term perspective.
If the price nosedive, last month’s low would be the last defence line for the buyers. Currently, the price is up by more than 30% in the past month.
DOGE’s Key Level To Watch
While the price is facing the $0.075 support, the lower level to watch for a breakdown lies at $0.0687, followed by the $0.0648 and $0.0571 levels.
A push above the important $0.84 resistance level could propel buying to $0.09, which is located slightly above the channel. The next resistance level to keep in mind is $0.0953.
Key Resistance Levels: $0.084, $0.09, $0.0953
Key Support Levels: $0.075, $0.0687, $0.0648
- Spot Price: $0.077
- Trend: Bullish
- 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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Image Source: Photo by regularguy.eth on Unsplash // Image Effects by Colorcinch