After the price increased by over 20% in the past weeks, Dogecoin‘s volatility dropped, making it difficult to push higher. Since then, it has been struggling under a key resistance level.
So far, Dogecoin has made a nice price shift, but it seems the buying volume is not strong enough to keep the bull on track.
It charted some notable gains during these past weeks of recovery. But due to multiple rejections encountered at $0.094, the price has failed to increase as it halted below the $0.09 level for the past few days.
However, the market structure remains bullish on the daily chart. The recent rebound, which took some top altcoins to their new monthly high, is yet to be seen in Dogecoin’s price.
If such a scenario happens, we can expect the price to trade well above last December’s resistance of $0.11.
The reverse would be the case for Doge if the rejection eventually turns out to be a sell-off. A fall in Bitcoin’s price might also make the scenario gets worse.
Doge looks a bit calm since the start of this week as it looks for more increase. The price is currently up by 0.49%, with a market cap of $11.92 billion.
DOGE’s Key Level To Watch
The multiple rejection level remains a crucial resistance level for Dogecoin. Once it successfully overcomes that resistance, the $0.1 level would be the next target before reclaiming December 2022 resistance. The resistance levels to watch above it are $0.13 and $0.15.
If a sell-off occurs, the first support to look out for is the past week’s rebound level of $0.08. The next one to consider is $0.07, followed by the recovery point of $0.67. It may extend to $0.06 if the price continues to drop.
Key Resistance Levels: $0.094, $0.1, $0.11
Key Support Levels: $0.080, $0.067, $0.06
- Spot Price: $0.0896
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: slavstan/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/dogecoin-price-analysis-prediction-jan-25th-doge-poises-for-more-increase-but-finding-it-difficult-to-surpass-0-09/