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Dogecoin Price Analysis & Prediction (Mar 15th) – Doge Encounters Crucial Resistance Following Small Recovery, Potential Break or Make

Michael Fasogbon by Michael Fasogbon
March 15, 2023
in News
Reading Time: 3 mins read
0
dogecoin price analysis

Dogecoin (DOGE)

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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

dogecoin doge price analysis prediction
Source: Tradingview

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.

Image Source: slavstan/123RF // Image Effects by Colorcinch

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