Dogecoin looks bearish following several drops in the past weeks. It found support earlier this week and remained calm with several rejections. Trading volatility is currently low.
While some meme coins have charted a massive gain in the past weeks, Dogecoin is still finding a solid level to reverse the trend as it is yet to witness a major rally since it started to drop last month.
Just immediately after breaking out of an important resistance line on April 3, it encountered resistance and sharply rejected the $0.105 level.
This rejection led to weeks of bearish actions and brought the price to the low of $0.692 this week, retesting the resistance line as support. That weekly low has held well but it appeared volatility is insignificant at the moment.
Although it is footing a fresh decrease on the 4-hour time frame and could see another drawdown soon. If the asset continues to find support above this resistance line, the price is likely to bounce higher.
For now, there’s nothing much to expect due to the current calmness across the market. With the current price set up on the daily chart, a surge in volatility would determine whether the leading meme coin will recover or extend the bearishness.
DOGE’s Key Level To Watch
If Doge regains momentum from the current trading level, we can expect a quick push above a close resistance level of $0.0727. Pushing above that price level should allow buying at $0.079 and $0.085.
A continuation of the bearish actions could cause the price to slip to the $0.068 support level. Below the level lies March’s low of $0.0627 before rolling to $0.06 – a six-month low.
Key Resistance Levels: $0.0727, $0.079, $0.085
Key Support Levels: $0.068, $0.0627, $0.6
- Spot Price: $0.0718
- 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.
Image Source: Photo by regularguy.eth on Unsplash // Image Effects by Colorcinch
Source: https://nulltx.com/dogecoin-price-analysis-prediction-may-18th-doge-sits-on-support-after-weeks-of-drop-is-rebound-underway/