Dogecoin Price Decline Looms As Bears Cut Short Recovery: Key Levels To Watch
08 Juli 2024 - 1:30PM
NEWSBTC
Dogecoin’s recent recovery has been abruptly halted by renewed
bearish pressure, paving the way for a potential further decline.
After attempting a rebound, the bears have regained control of the
market, pushing DOGE back toward its previous low of $0.0914.
As the crypto asset’s price moves towards this level, speculations
are whether it will break or experience a rejection and begin to
move upward. This article delves into providing an analysis of
Dogecoin’s recent price action to identify and examine key support
and resistance levels that traders and investors should watch to
understand the potential direction of DOGE’s movement. At the
time of writing, DOGE’s price was down by over 5.13%%, trading at
about $0.1043, with a market capitalization of more than $15
billion and a trading volume of more than $787 million. In the last
24 hours, the market capitalization of SOL has decreased by 5.22%,
while trading volume has increased by 4.26%. Overview Of DOGE’s
Recent Price Action Analyzing the recent movements and trends in
DOGE’s price reveals that: On the 4-hour chart, the crypto asset is
actively bearish and trading below the 100-day Simple Moving
Average (SMA). DOGE’s price has been consistently bearish since
after the disruption of its recovering move at $0.1069 and is
currently attempting a move towards its previous low of $0.0914.
Also, with the formation of the 4-hour William alligator, although
Dogecoin is currently rising, there is a possibility that it may
begin to drop again as both the alligator lip and teeth are
presently trending below the alligator jaw. On the 4-hour chart, it
can be observed that the price of DOGE is still bearish as it is
still trading below the 100-day SMA. Even though the price is
attempting a short-term pullback by dropping a bullish candlestick,
the crypto asset may extend its bullishness in the long run.
Additionally, the 4-hour William alligator indicates more
bearishness for the crypto asset as both the alligator lip and
teeth are actively trending below the jaw. Key Support Levels To
Monitor For Dogecoin Presently, DOGE is attempting a downward move
toward its previous low of $0,0914. If the asset’s price reaches
this level and closes below, it will continue to move downward to
test the $0.0745 support level and probably head on to test the
$0.0559 support level and other higher levels if the $0.0745
support is breached. However, if the price reaches
$0.0914 and fails to close below, it will start to rise
toward the $0.1293 resistance level. Should it break above this
resistance point, it will continue to move upward to test the
$0.1491 level. Furthermore, Dogecoin might witness a further rise
to test the $0.1649 mark and other levels on the chart if it breaks
below the $0.1491 level. Featured image from iStock, chart from
Tradingview.com
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