The past few weeks of drops continue to position Dogecoin in a downward spiral, losing more than 20% of its value in a month. It posted some gains over the past hours, but the bearish trajectory remains intact.
Dogecoin recorded a lot of losses in the last 30 days of trading. The price fell to a monthly low of $0.0626 during last week’s surge and later rejected that level due to a quick reaction from the buyers.
A lower low and lower high pattern is clearly in play. Upon the rejection, it has held that low level solidly ever since as the price recovers to a key level of $0.07 today.
As Bitcoin’s price cuts down from the last 24-hour gains, Doge rejected the above key level and dropped quickly to where it trades at $0.068. The price may further decrease if the primary coin continues to tumble.
Moreso, the white descending trendline serves as resistance. We can expect Doge to initiate a lower-low pattern if the trendline keeps suppressing buy actions.
If the coin successfully flips this trendline, we should expect huge buying pressure to happen. However, a retest might come into play before rallying exponentially. The buyers are still finding it difficult to scale through.
A dip below last week’s bounce level will not only activate a bearish continuation but will also lead to a more catastrophic loss. The leading meme coin is up by 2% with a market cap of $9 billion at press time.
DOGE’s Key Level To Watch
Based on the sentiments surrounding the market, the price is likely to move more into support levels than resistance. The potential supports to keep in mind are $0.067, $0.0626, and $0.057 concurrently.
But if the asset gains traction in the next few days, the resistance level to watch is $0.72. Higher resistance levels to pay attention to are $0.079, $0.083, and perhaps $0.0 93.
Key Resistance Levels: $0.072, $0.079, $0.083
Key Support Levels: $0.067, $0.0626, $0.057
- Spot Price: $0.0686
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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