The leading meme coin, Dogecoin (DOGE), recently lost ground again but found new support. It has recovered from that support but now facing resistance. The price is likely to fall back if the bears release more pressure.
After staying calm for some days, Doge’s bears stepped back and mounted another pressure this week. But it has seen a nice 7% recovery over the past 24 hours. Despite that, the price is still down 3.5% on a weekly scale.
Yesterday, the price nosedive sharply to $0.063 after failing to hold above the $0.072 support level. That support flips within an hour as the New York session closed, showing a large amount of selling volume during that period.
From a technical standpoint, the sell-off looks more like a price manipulation. Even though the price has entered a critical bearish zone on the higher time frame, there’s still hope for a buy as the $0.05 level remains the last defensive line for the bulls.
A drop below that price level may result in a broader downward movement to $0.03 before it stops bleeding. Yesterday’s low remains a key price level to watch for more dips. If Doge manages to push above last week’s high in the ongoing recovery, it may sustain momentum and start to change the trend to bullish.
DOGE’s Key Level To Watch
While the bears are still much present in the market, the price may continue to fall in the next few days. There’s immediate support at $0.069, followed by $0.066 and the holding $0.063 level. A crack from there could sink the price to $0.06, where a buyback is likely.
Above the current trading level lies a resistance at $0.727, where the price fell from yesterday. The $0.076 and $0.08 levels are major resistance to watch for more increases.
Key Resistance Levels: $0.0727, $0.076, $0.080
Key Support Levels: $0.069, $0.066, $0.0627
- Spot Price: $0.070
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: 3dphotogallery/123RF // Image Effects by Colorcinch
This post first appeared on: NullTX