Dogecoin entered a consolidation phase after witnessing a collapse in August. While in that phase, it initiated another dip near its 15-month and is now brewing to take more lows. The price is currently down by 1% daily.
Compared to some major altcoins, Dogecoin did not tap much gain during last month’s recovery. The price remained weak due to a lack of interest from buyers.
However, it managed to test the $0.0643 level earlier this month and marked it as resistance after a rejection. It resumed negative actions and the price fell to the low of $0.0567 this Monday. It recovered a bit from there.
The bears reiterate action yesterday and pull the price near this week’s low. Doge is likely to lose its 15-month low of $0.056 (local bottom) if the selling volume increases in the next few days. It currently trades calmly at $0.58.
On the daily chart, it is still respecting the descending channel that captured the price actions for almost a year. If the lower boundary continues to provide support, it may see a solid bounce to the upper boundary with a potential bullish breakup. If not, the price may tank and collapse this channel.
At the time of writing, there’s not much price movement in the market. Doge remains the best-performing meme coin by market cap with a weekly 5% loss. More bleeding should be expected if the bears remain in control.
DOGE’s Key Level To Watch
Doge appears to be gathering momentum for a breakdown. Losing the crucial 15-month low could bring the price to a new low of $0.053 and $0.05, testing the channel’s lower boundary.
Currently, there are no signs of buyers. The $0.06 and $0.0643 levels are close resistance to consider for increase. Above those levels lie $0.0687 and $0.0727.
Key Resistance Levels: $0.0643, $0.0687, $0.0727
Key Support Levels: $0.056, $0.053, $0.050
- Spot Price: $0.058
- 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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