Amid the global market meltdown, several meme coins have yet to find solid ground after shedding an average 10% monthly loss. Doge is looking weak on the daily chart as it poises for another dip.
As few meme coins gain traction today, Dogecoin continued to witness a setback in its long-term bullish move following a consistent loss in the past week. Losing grip above $0.4 last month, it extended bearish and is now on the verge of dropping hard.
Notwithstanding, there’s still hope for a positive move if the bulls defend the important $0.3 level well. This level has been acting as support for some weeks, and as we can see, it may also lose grip amid rising supply.
A breakdown at this level could trigger a new selling phase in the near term. While the market sets for another drawdown, it is important to note that Doge’s structure remains bullish on a macro level. An increase above the previous high should bring relief in the selling.
When will such a scenario come into play is yet unknown as the volume level looks low at the moment. But looking at the setup from a technical standpoint, more bloodbath can be expected in the short term. The key level to watch for such a dump would be $0.2.
DOGE’s Key Level To Watch
Source: Tradingview
Now that Doge is gradually losing momentum, the $0.3 level remains a key level for a breakdown. If that occurs, lower support levels to watch for drops are $0.263 and $0.22, followed by $0.18.
There are currently no signs of bulls in the market. However, if they show up again, the immediate level to watch for a bounce is $0.4. The higher resistance level for a test is $0.48 with a potential break to $0.6.
Key Resistance Levels: $0.4, $0.48, $0.6
Key Support Levels: $0.263, $0.22, $0.18
- Spot Price: $0.32
- Trend: Bearish
- 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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