Dogecoin’s recent recovery has been abruptly halted by renewed bearish pressure, paving the way in which for a possible further decline. After attempting a rebound, the bears have regained control of the market, pushing DOGE back toward its previous low of $0.0914. Because the crypto asset’s price moves towards this level, speculations are whether it should break or experience a rejection and start to maneuver upward.
This text delves into providing an evaluation of Dogecoin’s recent price motion to discover and examine key support and resistance levels that traders and investors should watch to know the potential direction of DOGE’s movement.
On the time of writing, DOGE’s price was down by over 5.13%%, trading at about $0.1043, with a market capitalization of greater than $15 billion and a trading volume of greater than $787 million. Within the last 24 hours, the market capitalization of SOL has decreased by 5.22%, while trading volume has increased by 4.26%.
Overview Of DOGE’s Recent Price Motion
Analyzing the recent movements and trends in DOGE’s price reveals that:
On the 4-hour chart, the crypto asset is actively bearish and trading below the 100-day Easy Moving Average (SMA). DOGE’s price has been consistently bearish since after the disruption of its recovering move at $0.1069 and is currently attempting a move towards its previous low of $0.0914.
Also, with the formation of the 4-hour William alligator, although Dogecoin is currently rising, there may be a possibility that it might begin to drop again as each the alligator lip and teeth are presently trending below the alligator jaw.
On the 4-hour chart, it may possibly be observed that the worth of DOGE remains to be bearish because it remains to be trading below the 100-day SMA. Though the worth is attempting a short-term pullback by dropping a bullish candlestick, the crypto asset may extend its bullishness in the long term.
Moreover, the 4-hour William alligator indicates more bearishness for the crypto asset as each the alligator lip and teeth are actively trending below the jaw.
Key Support Levels To Monitor For Dogecoin
Presently, DOGE is attempting a downward move toward its previous low of $0,0914. If the asset’s price reaches this level and closes below, it should proceed to maneuver downward to check the $0.0745 support level and doubtless head on to check the $0.0559 support level and other higher levels if the $0.0745 support is breached.
Nevertheless, if the worth reaches $0.0914 and fails to shut below, it should begin to rise toward the $0.1293 resistance level. Should it break above this resistance point, it should proceed to maneuver upward to check the $0.1491 level. Moreover, Dogecoin might witness an additional rise to check the $0.1649 mark and other levels on the chart if it breaks below the $0.1491 level.