The analysis of Dogecoin's daily price indicates a downward trend in the market. Throughout the day, there was a significant amount of selling pressure, resulting in a noticeable decline in the price curve. The current market structure of DOGE appears to be bearish, as evidenced by the Lower-Low and Lower-High trends on the weekly charts.
#dogecoin value has dropped significantly, and it is struggling to recover. Dogecoin has been unable to maintain its price above the crucial support level of $0.07000, which has now become a resistance level. As a result, the price has plummeted by 15% over the past week, making DOGE one of the worst-performing cryptocurrencies.
The DOGE cryptocurrency has suffered a substantial decline of more than 8.70%, prompting a test of the critical support level at $0.06200. Although there is a possibility of a corrective increase, it is crucial to bear in mind that any upward momentum may be limited by the $0.06600 threshold.
The price of DOGE has hit a major roadblock in its upward climb, as it was unable to break through the resistance zone of $0.8000. This has resulted in a surge of selling pressure, leading to a drop below the critical support level of $0.07200.
The DOGE cryptocurrency has experienced a significant drop in value, with a staggering 8.70% decrease leading to a sharp decline towards the $0.6500 support level. In fact, the price even dipped below this critical support zone, creating a new monthly low of approximately $0.06253. Currently, the price is consolidating its losses and hovering around the $0.06500 mark. It's worth noting that DOGE is now trading below $0.6500 and the 21 hourly simple moving average.
According to #priceanalysis , DOGE is currently encountering a formidable resistance level at $0.06600. However, if this level is successfully breached, the price could potentially soar towards $0.07000. In the event that DOGE manages to close above $0.07000, the price may continue to climb towards $0.07250. Nevertheless, the primary obstacle seems to be forming at $0.07600. A decisive breakthrough above this resistance level could indicate the beginning of a rally towards the $0.08000 level.
If the DOGE price fails to rise beyond $0.0700, it is likely to continue its downward trajectory. The first level of support is at $0.06200, followed by a significant level of support at $0.06000. But, if the price falls below the $0.06000 support level, it might collapse significantly. In this case, the price may go below $0.05500, signalling the start of a fresh slump towards $0.05000.
KEY LEVELS :
RESISTANCE LEVEL : $0.06900-$0.07300
SUPPORT LEVEL : $0.06200-$0.05700
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
