Amid the latest clampdown, several meme coins are seriously in the red today with Dogecoin posting a major loss in the last 24 hours. It tested a key level today as the bears mount pressure but can it hold as support?
The early month crash through the $0.3 support level confirmed Doge’s double-top pattern that started from the peak of $0.49 in December.
However, the price recovered a week later but failed to retest the broken support as resistance following a rejection at $0.29. The rejection led to another drop and the meme coin posted losses throughout last week.
The drops became significant yesterday when the price broke below the $0.24 support level. This confirms a continuation of a bearish pattern in the form of a lower low and lower high movement on the daily chart. That crash has positioned the asset in a more bearish condition, and as we can see on the chart below, it is now changing hands at around $0.2.
A drop off this level could cause more reductions in the future. But if the price level stands firmly as support, we may see a retracement towards the recently broken level before advancing a bearish move in the short term. Currently, there are no signs of bulls in the market.
Source: Tradingview
Doge currently sits above the support of $0.2. Losing this support level in the middle of this drop could trigger more bearish scenarios and the next key level to watch would be $0.16. It may even reach the $0.1 support if the supply rises.
Right now, there’s no room for a recovery. If that comes into play by chance, the key level to watch for a retest would be $0.24. Pushing above it could fuel more recoveries to $0.287 and maybe $0.341 in the future.
Key Resistance Levels: $0.24, $0.287, $0.341
Key Support Levels: $0.202, $0.16, $0.1
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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Image Source: anaki2405/123RF // Image Effects by Colorcinch
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