Will the $0.29 Resistance Crumble?

• DOGE is currently trading near the $0.24 mark. 
• A breakout above $0.29 could trigger a move to $0.50.

Following a series of plunges in the broader crypto market, the assets are charted in both red and green. Meanwhile, the meme coin market cap is currently staying at around $80.3 billion, after a brief dip in the last 24 hours. Among the meme coins, the dog-themed DOGE has registered a drop of over 2.19%. 

In the morning hours, the meme coin traded at a high of $0.2485. With the bearish pressure, DOGE has slipped back to a low of $0.237. At the time of writing, it trades at around $0.2406, with its daily trading volume decreased by over 19.75%, reaching $3.28 billion. Besides, the DOGE market has seen a liquidation of $8.68 million as per Coinglass data. 

A Dogecoin chart reveals the key resistance and support levels. If it breaks above $0.29, it could open the door for a strong bullish move toward $0.50, as there is limited resistance in between. If it fails to break $0.29, DOGE may pull back to the support levels around $0.22 or even $0.19.  

Is a Change in Direction Brewing for DOGE?

The Moving Average Convergence Divergence (MACD) line is positioned just below the signal line, showing that the bearish momentum is slightly stronger. If the gap widens, it could confirm a stronger downtrend. If it hovers close, the market may flip bullish with a crossover. DOGE’s Chaikin Money Flow (CMF) indicator at 0.08 implies a moderate buying pressure in the market, with the money flowing into the asset. 

Moreover, the meme coin’s daily Relative Strength Index (RSI) found at 64.77 suggests it is in bullish territory. If it keeps climbing above 70, the asset will enter the overbought territory. DOGE’s Bull Bear Power (BBP) reading of 0.00628 is slightly positive, indicating that the bulls have a small command over the bears in the market. Since the value is close to zero, the weak sentiment could swing either way.

The meme coin’s trading pattern displays a downtrend, with the price might test the immediate support at the $0.2398 range. Failure to hold this key level could deepen the bearish correction, with the subsequent support below $0.2390. Assuming a bullish shift in the DOGE market, the initial resistance could be tested at around the $0.2413 level. Further correction on the upside might open the door toward additional gains, taking the price above the $0.2420 mark.

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