Dogecoin’s recent bounce was suddenly halted by renewed bearish pressure, paving the way for a potential further decline. After attempting a bounce, bears regained control of the market, pushing DOGE back towards its previous low of $0.0914. As the cryptocurrency price heads towards this level, speculation is rife whether it will break through or experience rejection and start rising.
In this article, we take an in-depth look at Dogecoin’s recent price action to identify and explore key support and resistance levels that investors and traders should watch to understand the potential direction of DOGE’s value.
At the time of writing, DOGE is down over 5.13%%, trading at around $0.1043, with a market cap of over $15 billion and trading volume of over $787 million. Over the past 24 hours, SOL has seen its market cap fall by 5.22%, while trading volume has increased by 4.26%.
Review of recent DOGE share price changes
Analysis of DOGE’s recent price movements and trends reveals that:
On the 4-hour chart, the crypto asset is actively bearish and trading below the 100-day plain moving average (SMA). DOGE price has been consistently bearish since breaking out of a recovering move at $0.1069 and is currently attempting a move towards its previous low at $0.0914.
Furthermore, with the formation of the Williams 4-Hour Alligator, even though Dogecoin is currently rising, there is a possibility that it will start falling again since both the lip and teeth of the alligator are currently below the jaw of the alligator.
On the 4-hour chart, you can see that DOGE price is still bearish as it is still trading below the 100-day SMA. Although the price is attempting a short-term pullback by abandoning the bullish candle, the crypto asset could extend its bullish position in the long term.
Additionally, the William 4-hour Alligator indicates a larger bearish bias towards the crypto asset as both the lip and teeth of the alligator are actively moving below the jaw.
Key Support Levels to Monitor for Dogecoin
DOGE is currently trying to fall towards its previous low at $0.0914. If the asset price reaches this level and closes below it, it will continue its downward move to test the support level at $0.0745 and will likely head towards a test of the support level at $0.0559 as well as other higher levels if the support level at $0.0745 is broken.
However, if the price reaches $0.0914 and does not close below, it will start to rise towards the $0.1293 resistance level. If it breaks above this resistance point, it will continue to climb higher to test the $0.1491 level. Furthermore, Dogecoin may experience further growth to test the $0.1649 level and other levels on the chart if it breaks below the $0.1491 level.
