Starting this week on a positive note, Doge gained traction today following a 7% gain in the past week. It currently signals a buy, but is not valid yet as its short-term bearish remains intact.
Following a little climb back into the $0.17 range two weeks ago, Doge’s price got trapped as it struggled with volatility and stayed in a consolidation phase throughout last week.
This week started positively well with a surge due to an increased volatility and the price slightly broke out of the consolidation phase. As we can see, the bulls are still finding a strong footing today as demand appears low on the daily scale.
A strong close above $0.2 should fuel more recoveries in the future. As it stands, the bulls’ commitment is not strong enough to launch a rally. The ongoing recovery is likely to fade off anytime soon.
Having said that, its short-term outlook is still considered highly bearish on the daily chart. If the supply level increases again, the primary meme coin may lose momentum and start to show weakness.
Technically, Doge is due for a major buyback on a short-term scale. But as of now, the buying pressure is low. A push above the previous monthly high could trigger a positive change in the trading levels.
Source: Tradingview
While there’s a close resistance at $0.2, it may encounter resistance at $0.24. If the price increases above this level, $0.29 would be the next resistance level to watch on the way up.
Aside from the recently flipped $0.178 level, the monthly $0.142 low is still held as support. Losing them might result in another serious dip to $0.128 and potentially $0.115.
Key Resistance Levels: $0.2, $0.24, $0.29
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.
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