After a short bounce last week, Doge resumed selling and continued to show signs of weakness daily. The selling has subsided as it currently trades near a base support, where the next market direction may occur.
This month has been relatively ugly for Doge following a new sell order in the preceding month. It rolled back gains and now looks bearish daily.
Meanwhile, last week saw the meme coin through a little recovery from the drawdown. It later failed to sustain the momentum after rejecting a key level of $0.2 on Wednesday. That led to more drawdowns, and the price fell sharply to $0.17 on Friday, although the pressure has dropped ever since and is now trading relatively calm on the day.
However, the leading meme coin remains weak on the daily outlook as it has lost roughly 30% in the past month. Approaching a key support level, there’s hope for a rebound. A crack below it could drive the price back to the recent low before deciding which direction to head next.
That said, it is important to note that Doge’s structure is still under the bears’ radar in the short term. A continuous drag down may result in a long-term bearish cycle before finding a threshold. As it stands, there’s still hope for the bulls.
DOGE’s Key Level To Watch
Now that selling pressure is low as Doge approaches a key support level of $0.165, a rebound is possible. Failure to rebound could drag the price to $0.143. Right below this price level lies $0.13 – tested in April.
A rebound could bring us back to Wednesday’s rejected high of $0.2 and perhaps $0.232. The main resistance level for a break-up is $0.26 with a potential surge to $0.38.
Key Resistance Levels: $0.207, $0.232, $0.26
Key Support Levels: $0.165, $0.143, $0.13
- Spot Price: $0.177
- 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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