Doge and other meme coins have increased sharply from the recent dip following an impressive recovery in the past week. It currently appears strong today but remains under the bears’ radar on the short-term.
Following recent fundamental surrounding Doge – the future is still very much promising from a long-term perspective. However, the price is currently under the bears’ watch as it retraced hard in the short-term.
Last week saw the leading meme coin through a major collapse and the price dipped to $0.2. That marked a serious setback for the bulls as the market continued to provide a huge discount. Fortunately, the level holds as support and the price recovered.
Doge’s price has further increased since then and is now changing hands at $0.26 following a 6% gain in the last 24 hours. A push above the key $0.3 resistance level should bring more recoveries in the next few days.
However, it is noteworthy to say that the asset is still maintaining a lower low and lower high pattern. If this pattern continues to play, we can expect another leg down. Rejecting that key resistance could trigger such a drop.
A surge above the previous high could signal a change in the trend. That may bring a higher high and higher low movement until the price breaks out to a new high.
Source: Tradingview
Right now, Doge aims to retest $0.3. If the price increases above it, the next resistance level to watch a test is $0.4, followed by $0.48. A full recovery to the top should set the stage for a huge rally.
While it remains in a downward range, the $0.24 and $0.2 levels are currently holding as support. A drop below these levels could result in a huge loss capable of plunging the price to $0.16.
Key Resistance Levels: $0.305, $0.4, $0.48
Key Support Levels: $0.24, $0.202, $0.16
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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