Alongside some meme coins, Dogecoin is in a red but has stayed above a key price level for three weeks. It lost 2% today amid an ongoing meltdown but there’s hope for recovery if this channel provides resistance.

The leading meme coin – Dogecoin has been pulling back from its recent high but is yet to find a solid support level for a rebound. However, it has managed to hold the $0.087 level as support for a while.

Considering a break and retest pattern on the descending channel, the price may bounce back soon. And that could move the price into the $0.15 range in the next leg-up.

Despite twice rejection at this temporal support, Doge resumed selling pressure yesterday with an attempt to take more lows in the future. However, the pressure seems low at the moment. But it may get high in the coming days.

Such selling actions may plunge the price back into the descending channel, causing a false breakout on the daily chart. Doge will have to struggle again to break out of the channel range if that comes into play.

Nevertheless, the trend remains bearish on the weekly and monthly scale. This provides a cheap opportunity for a long-term buy. Currently, Doge’s price is weak on the daily chart.

DOGE’s Key Level To Watch

Source: Tradingview

As the price slowly drops, Doge may revisit the holding of $0.087 support. A crack below this support could slip the price to $0.082 and $0.076, before bouncing back. There are also lower levels of support in case of more dips.

The price has faced a sharp rejection in the past three weeks at the $0.098 and $0.107 levels. If Doge sees a strong recovery above these levels, the $0.12 level would be the next resistance to watch for an increase.

Key Resistance Levels: $0.098, $0.107, $0.12

Key Support Levels: $0.087, 0.082, $0.076

Spot Price: $0.089
Trend: Bearish
Volatility: Moderate

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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Image Source: Photo by regularguy.eth on Unsplash // Image Effects by Colorcinch

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Filed under: Bitcoin - @ December 30, 2023 6:45 pm