As meme coins entered the spotlight in the recent recovery, Doge posted some gains and pushed to a minor resistance level. Failing to overcome the resistance, it lost buzz and pulled back due to a daily minor loss.
This month has brought some relief in the crypto space, as many altcoins recovered from their recent dip. Doge, the primary meme coin, followed suit, but the trend remains strongly bearish from a mid-term perspective.
Unlike other top mem coins, Doge saw a small recovery this month due to low volume inflow in the past few weeks. Although it initiated a surge to around $0.186 this week and lost steam yesterday due to a sudden interception from the bears’ side. It looks weak while on the fall.
The ongoing daily weakness could facilitate another major reduction in the mid-term. But if the $0.15 level continues to provide support, we can expect a fresh rebound above the $0.2 level to signal a slight shift in the bearish structure. Even though that happens, the price must increase well above the $0.5 level before confirming a major shift in the structure.
While Doge’s general outlook is still considered bearish from a technical standpoint, more downside can be expected in the future as the leading meme coin is yet to establish a solid ground on the higher timeframe.
DOGE’s Key Level To Watch
Now that Doge is facing down again, the support level to watch for a test is $0.151. Right below it lies the $0.13 support. A breakdown there may plunge the price to a new monthly low of $0.115.
A push back above $0.18 could send the price to the $0.206 resistance level. March’s $0.24 high is considered the next resistance for a test.
Key Resistance Levels: $0.18, $0.206, $0.24
Key Support Levels: $0.151, $0.13, $0.115
- Spot Price: $0.172
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
No Comments