Last week, Dogecoin went through another downturn after undergoing a three-week recovery. This led to a notable loss, and other major meme coins are now following suit with an average 10% loss in a week.
Doge’s market structure is still considered bearish on the daily chart following a dramatic reduction in the past few months. In fact, things are beginning to look uglier again as it poises for another crash.
This came after taking a short break in March, but later resumed bearish in the late month due to a rejection at $0.2. As we can see on the daily chart, the price is now in a downward range due to rising supply. While it appears weak on the day, a breakdown should be expected soon.
The latest drop is targeted at $0.1 from a technical standpoint, although the bears might face a little threat on the way down. Last month’s low is the key breakdown level to watch for this drop. However, if it holds well, we can expect a bounce back with a fresh bullish pattern.
But looking at the market from a technical standpoint, the bears will likely have the upper hand. The overall negative market sentiment is another thing to consider for a bearish extension. A reversal move may be considered if Doge forms a lower low and lower high pattern. As it stands, the trend remains bearish.
Source: Tradingview
The bears currently aim to reclaim the $0.142 low, printed last month. A crack there could send the price to a new low of $0.128, followed by the main $0.115 level.
Yesterday’s rejected $0.18 high is now held as resistance. A resurge above this high could trigger a fresh increase to the $0.2 and $0.24 resistance levels.
Key Resistance Levels: $0.18, $0.2, $0.24
Key Support Levels: $0.142, $0.128, $0.115
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
At the latest “SEC Speaks in 2026” event, the U.S. Securities and Exchange Commission made…
Morgan Stanley is edging further into the crypto space after filing a second amended S-1…
Ethereum co-founder Vitalik Buterin is once again stirring conversation across the crypto space, this time…
The way money moves is starting to change and it’s not happening slowly anymore. What…
Ondo Global Markets just leveled up its onchain presence again, rolling out over 60 new…
Bootstrapped Project Processes $5M in Trading Volume Within Two Weeks, Proving Viability of ALM…