Dogecoin has been relatively calm for three days, although it looks weak as it negotiates for the next major move. It trades well above two-week support but is likely to post more losses once the bears return.
Amid the latest meltdown, the leading meme coin has shed several losses in the past month and has shown no signs of stopping at the moment.
Last weekend saw the bulls through a small relief as they pushed to $0.09. But the bears showed up again, intercepted the actions and closed the weekly price at around $0.85.
They reiterated actions this week and pulled the price to $0.76. The volatility dropped so much that Dogecoin’s price remained indecisive ever since. Although the setup suggests that the bears are not finished yet.
While taking a brief break, and at the same time negotiating for the next move, we can expect more meltdowns sooner or later. In anticipation, Doge must crack the $0.075 level, which currently acts as the yearly low. Failure to crack may result in a bearish suspension until it finds a breakthrough.
Should the bulls take advantage of this support to step back, we may see an increase, which could also lead to a trend reversal for Doge. As it stands now, bearish footprints are still dominant.
DOGE’s Key Level To Watch
The $0.075 support is most crucial for the next bearish move. If they win this support, we can expect more sells to $0.0685. The lower support to watch after this price level is $0.0619 near the bottom.
On the other hand, if the support holds well, the price may climb back to $0.088. An increase above last week’s $0.09 resistance could activate more buys to $0.098 and $0.107 in no time.
Key Resistance Levels: $0.088, $0.098, $0.107
Key Support Levels: $0.075, 0.0685, $0.0619
- Spot Price: $0.078
- Trend: Bearish
- Volatility: Moderate
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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Source: https://nulltx.com/dogecoin-price-analysis-prediction-january-27-doges-bear-takes-break-above-a-two-month-support-negotiating-for-next-major-move/