As volatility flows into the meme coins this week, Dogecoin’s price rose significantly and broke out of its previous high. It looks strong today as it slowly signals a shift in the trend with a 17% gain since last week.
The past three weeks have been interesting for Doge’s bulls as the market dramatically recovered from the $0.089 level. In fact, the last 24 hours saw the meme coin through the most buying volatile session in over a month, as the price exploded to a two-month high earlier today.
This explosion led to a recent breakout of key resistance, with no signs of slowing down at the time of writing. This surge currently aims at the late July breakdown level. A rejection is expected once it tests this level.
Failure to reject the price may result in bigger price movements until the market reaches an exhaustion point. If we consider the recent reversal pattern on the daily chart, a massive bullish rally can be expected.
As of now, there are no signs of bears in the market. If they manage to regroup back, they must retake the recent lows before gaining control. Nonetheless, Doge remains the leading meme coin by market cap.
DOGE’s Key Level To Watch
Source: Tradingview
While charging towards the late July breakdown level of $0.129, which is now considered as a hidden resistance, a push above it could create room for more surge to the $0.143 resistance and potentially $0.166.
Aside from the $0.089 and $0.081 lows that provided support in the past weeks of increase, the closest support level to consider for a pullback is $0.115. Below this level lies the key $0.1 level in case of more pullback.
Key Resistance Levels: $0.129, $0.143, $0.166
Key Support Levels: $0.115, $0.089, $0.081
- Spot Price: $0.123
- Trend: Bullish
- 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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