Last week’s reductions have led many altcoins into a serious bearish situation with Doge posting a huge loss throughout the week. But it started this week strong and is now showing signs of recovery daily.
Compared to several meme coins, which saw serious losses during the recent decline, Doge saw slight declines and managed to stay above the $0.3 level.
However, last week was a terrible time for Doge bulls as they suffered from the decline which caused a lot of panic and fear among traders throughout this week. This led to a notable loss in the market and the price closed weak after rejecting a low of $0.31 last week.
This week, things turned positive following this rejection and the price increased to a daily high of $0.355. Of course, this led to a notable recovery and as we can see, the market today is painted green. A strong daily close today should allow for more recoveries!
But if the bears intercept the current rally, sending the price back down, we can expect a huge collapse once the price breaks below the monthly low. This should lead to a broader correctional phase.
Given the recent pattern, the bulls are much more likely to have the upper hand. Regardless, the market as a whole remains bullish and is slowly preparing for another rally.
The key DOGE level to watch
Source: Commercial view
When it comes to daily gains, Doge leads the top coin farm with a daily gain of 10%. An acceleration in the recovery could bring trading back to the previous weekly high of $0.4, as well as resistance at $0.48. A break of this resistance will confirm a new bullish phase at $0.6 and above.
The fix seemed to be complete. If it resumes with a crack below the monthly low of $0.262, potential support levels for an extension would be $22 and $0.18.
Key Resistance Levels: $0.4, $0.48, $0.6
Key Support Levels: $0.262, $0.22, $0.18
- Spot price: $0.35
- Trend: bullish
- Volatility: high
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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