Reacting to the negative sentiment surrounding the market over the past couple of days, Doge joined the party, posting almost 15% losses in a week. It currently trades calmly after finding support over the weekend.
So far, the second quarter of the year has seen Doge experience a notable rebound from the early-year dip, with the price doubling in the space of a month. The rebound was insignificant compared to other top meme coins like Pepe, Bonk and WIF that gained major spotlight during the buying phase.
However, that rebound brought a slight shift in the market structure, and the meme coin quickly followed a positive sentiment. Unfortunately for the bulls, the $0.26 level posed a threat, and it took a downturn in May.
An attempt to break above this level proved abortive in the late month, and the price slipped again. This led to a serious meltdown after days of supply, and it is now looking weak on the day due to a lack of interest.
Reaching a selling exhaustion point since last Saturday, it traded calmly, and the next move is yet unknown. As shown on the daily chart, the $0.185 level is providing support. A rebound above this support should bring a fresh increase in the market. Breaking lower, on the other hand, could cause more dips in the coming hours before climbing back.
DOGE’s Key Level To Watch
While the next move remains indecisive, a dip below the holding $0.185 support could slide us back to April’s $0.165 support. Right below it lies the March low of $0.143.
A rebound from the current trading level could bring a retest at $0.216. Reclaiming the previous monthly high of $0.26 could cause a break-up to $0.29.
Key Resistance Levels: $0.216, $0.26, $0.29
Key Support Levels: $0.185, $0.165, $0.143
- Spot Price: $0.193
- 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.
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