Last week saw Dogecoin, the king of meme coins, pass through a correctional phase after witnessing a huge explosion to around $0.1. It appeared to have found key support above $0.08. It currently looks weak but is still up by a weekly 7%.
Dogecoin started to gain traction in March following a slow recovery from $0.062. It faced a tough resistance level at $0.08 throughout that month and later broke out heavily due to Elon Musk’s Twitter logo being changed to Doge’s earlier this month.
This breakout also led to a notable 25% increase above the descending trendline that has served as resistance since last December. After tapping the $0.105 high, the price fell back and retested the breakout resistance level as support.
It showed a little sign of recovery yesterday but failed to push above minor resistance at $0.083. If the bulls manage to overcome this resistance in the next few hours, the leading meme coin could restart a surge toward the $0.12 and $0.13 levels.
Should the price tumble, the descending trend line will likely provide support. A drop below this line could set a fresh bearish tone for Doge from a short-term perspective if March’s support collapses.
However, the trend looks bearish in the lower time frame. But the current market setups suggest that the bulls are more likely to have the upper hand than the bears in the long-term perspective.
As Dogecoin prepares for another leg up, the price needs to increase above the $0.16 level to bid the bear cycle a goodbye completely.
DOGE’s Key Level To Watch
If a surge in volatility occurs, the first area of interest for buyers would be $0.092 and maybe the vital $0.1 resistance level. A push above the $0.105 resistance level could activate a mid-term bullish rally.
There’s a close support level at $0.079 if the sellers mount pressure. Lower support levels to watch for selling are $0.0727 and $0.067.
Key Resistance Levels: $0.092, $0.1, $0.105
Key Support Levels: $0.079, $0.0727, $0.067
- Spot Price: $0.0828
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Image Source: slavstan/123RF // Image Effects by Colorcinch
