Amid the latest market drops, Dogecoin remains strong daily as it enters a brief consolidation mode. While it may later lose steam, several meme coins are currently down and trading in a red zone.
After rising by almost 40% to test $0.15 in two weeks, Dogecoin faced resistance yesterday and dropped to $0.145 at the time of writing.
The price is still looking strong on the daily chart but it appeared to have reached a buying exhaustion point as volatility shrinks in the last four days. It may soon lose buzz to join other meme coins in the ongoing dip.
If that comes into play, the leading meme coin may pull back to the $0.11 range for support before initiating a fresh buy. That could lead to another notable swing high in the market. As shown on the daily chart, Doge is technically shifting trend with a higher high and higher low formation.
Moreover, the bulls are not giving up yet. If they manage to push above yesterday’s high, we can anticipate a bigger recovery to May’s high in the coming days. While it appears bullish on the daily chart, Doge remains one of the market’s top gainers in the past week of trading.
DOGE’s Key Level To Watch
Source: Tradingview
Now, the $0.15 level is posing a threat to the bulls amid consolidation. If the price breaks through this level, $0.175 would be the next target for a test. Higher resistance levels to watch for a rally are $0.21 and $0.229.
The $0.137 level has supported the market since last weekend. A drop below it could bring a little retest at $0.132 and $0.115. The main support level to watch for a crackdown is $0.1
Key Resistance Levels: $0.175, $0.21, $0.229
Key Support Levels: $0.132, $0.115, $0.1
Spot Price: $0.145
Trend: Bullish
Volatility: High
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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