Meme coins are struggling to come back from the recent lows. Dogecoin is yet to show signs of recovery. It has remained calm after registering double-digit losses in the past week.
Doge started this month on a bullish note following an explosion to $0.105. But unfortunately for the bulls, that price level suppressed buying pressure as the leading meme coin retraced to retest the broken resistance line.
The $0.08 level eventually produced support and the price bounced back steadily. The build-up became slow but it was able to tap $0.095 before witnessing a fall all through last week. The price sold off to the low of $0.0765.
Doge rejected that low twice and recovered to $0.079. It currently looks indecisive on the daily graph. Should the price start to increase above this resistance line, we can expect a notable gain only if the coin pushes above the previous high.
Such price movement could validate a huge rally towards last November’s resistance level. If the sellers resume and mount pressure, the price could slip further until it finds a firm support level to initiate a buy.
The daily volume indicator suggests that there’s not much supply in the market right now. Sellers are technically exhausted as they take a breath. Doge is down 11% on a weekly scale with no sign of recovery at the moment.
DOGE’s Key Level To Watch
While deciding on the next major movement, the immediate resistance level to keep in mind for recovery lies at $0.085. There’s also a key resistance level at $0.09 before flipping the previous resistance of $0.095 to $0.1 and $0.105, marked as a monthly high.
The closest support level to watch out for is $0.0727 if the price continues to drop further. The lower support levels to keep an eye on are $0.067 and $0.063.
Key Resistance Levels: $0.085, $0.095, $0.1
Key Support Levels: $0.0727, $0.067, $0.063
- Spot Price: $0.079
- 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
