Price Analysis

Dogecoin(DOGE) Price Hovering Around Crucial Support Levels

Highlights

    Doge price maintains its constant downtrend and yet again nears the crucial support levels around $0.167

    A shaken momentum from here could slice yet another 30% from the dogecoin price to flip the rally

    A strong jump towards $0.2 could prevent further dip and initiate an uptrend which is the need of an hour

The entire crypto space is bleeding profusely with major tokens shedding more gains in a very stipulated time frame. As Bitcoin price nears $30,000 after trading above $32,000 in the early trading hours. A drop of nearly 4% has been observed in most of the tokens including dogecoin price. DOGE price amid the bearish trend suffers a massive 8% since the day’s high at $0.186.

With the fresh slump, the price has entered the strongest support range and this time a rebound could be very robust. The price has visited these levels in between $0.169 and $0.160 a couple of times before and bounced back. However, considering the present scenario, the rebound could consume more effort than before. 

Also Read: With The Bearish Weekly Close For Bitcoin Price, Is No One Buying BTC Anymore?

dogechart

As seen in the chart, the dogecoin price is trending within the triangle and is feared to break the lower levels. Moreover, it is finding extremely difficult to break the upper trend line and define an uptrend.  Now at this point, two major possibilities make their way out. One is a bounce to $0.18 levels else a breakdown which could drag the price close to $0.13.

Currently, the price has been rejected breaking the lower levels, yet cannot be validated until the price smashes $0.18 levels. If the price fails to recover, more bearish action may be fast approaching the DOGE price in short term. However, within the uncertain crypto space, any catalyst may propel dogecoin prices above these levels anytime. 

Also Read: Can XRP Price Surge High Close To Its Yearly Highs In Near Future?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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