Dogecoin’s recent attempt at a recovery met an unforeseen roadblock when bearish pressure dominated the crypto market. This sudden grip of the bears caused DOGE to retreat, pushing it down towards its previous low of $0.0914. As the popular cryptocurrency ebbs closer to this critical level, speculative whispers fill the market, with investors eagerly watching to see whether the token will plummet further or experience a rejection prompting an upward movement.
Our focus here will delve into a rigorous analysis of Dogecoin’s recent price movements, identifying key support and resistance levels that could act as tipping points. These are vital indicators that traders and investors need to keep an eye on to gauge the potential trajectory of DOGE’s value.
To paint the picture at this moment, DOGE’s price has dropped by over 5.13%, with the coin currently trading around $0.1043. Its market capitalization looms over $15 billion, amassing a trading volume upwards of $787 million. The last 24-hour window has seen DOGE’s market capitalization suffer a dip of 5.22%, despite a 4.26% surge in its trading volume.
In the light of DOGE’s recent performance, a few insights emerge. Based on the 4-hour chart, DOGE’s trend is decidedly bearish with the cryptocurrency trading below its 100-day Simple Moving Average (SMA). The coin’s persistent bearish nature has been prevalent since its upward recovery movement was stalled at $0.1069. The crypto coin now makes an attempt to drift towards its previous low of $0.0914.
Meanwhile, there’s a newly formed 4-hour William alligator chart indicating that despite Dogecoin’s momentary rise, a drop could soon be on the horizon. This is evidenced by both the alligator lip and teeth trending below the alligator’s jaw.
Key support levels for DOGE that investors should monitor carefully reveal the crypto contender’s current attempt to descend towards its previous low of $0.0914. If the price manages to reach this value and closes below, DOGE is expected to test the $0.0745 support level and potentially move further down to $0.0559 should the $0.0745 support be breached.
On the flip side, if the price reaches $0.0914 and fails to drop below, it could initiate an upward trend towards the $0.1293 resistance level. If this resistance point is overcome, DOGE could potentially ascend further to challenge the $0.1491 price point and beyond.
These critical junctures on the price chart could prove essential in understanding the potential future direction of DOGE. As of now, the crypto asset is trading at $0.108 according to the 1D chart, so the market waits with bated breath, watching for the trajectory of Dogecoin’s price amidst the crypto chaos.
This news is republished from another source.
