Dogecoin retest support $0.1; Here Is why Doge Army Must Defend This Region
- DOGE’s price needs to stay above $0.1 for the price to have a chance to rally high to a region of $0.15.
- DOGE’s price continues to trend above key support of $0.1 as the hopes of rallying higher continue to dwindle.
- DOGE’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).
Previous weeks saw the price of Dogecoin (DOGE) rally with so much bullish sentiment creating more euphoria for a bull run as the price of Dogecoin (DOGE) rallied with over 150% gain in less than 7 days as many anticipated the rally to a region of $0.2. The sentiment surrounding the crypto market is not encouraging, as the week has been filled with less bullish sentiment. The crypto market has seen some relief across all assets, but the new week holds mixed feelings. (Data from Binance)
Dogecoin (DOGE) Price Analysis On The Weekly Chart
The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.
The new week hasn’t kicked in like the last as most altcoins have begun to look shaky, dropping off from their weekly highs, including the price of Ethereum (ETH) and Bitcoin (BTC) suffering a minor price retracement back to a region of $1,540 and $19,600 respectively with the price of DOGE finding itself in a somewhat similar position after the price was rejected from the region of $0.15 after rallying from its weekly low of $0.05.
After having a weekly close below $0.13, the price of DOGE has struggled to replicate the bullish sentiment it had, rallying to a weekly high of $0.15 after a long period with expectations high for a rally back to its weekly high.
The price of DOGE needs to hold above $0.1 for the price to have a chance of a rally to the region of $0.15 and possibly to a high of $0.2; if the price of DOGE fails to hold $0.1, we could see price retesting weekly support of $0.075.
Weekly resistance for the price of DOGE – $0.15.
Weekly support for the price of DOGE – $1-$0.075.
Price Analysis Of DOGE On The Daily (1D) Chart
In the daily timeframe, the price of DOGE continues to look strong as it holds above its critical support at $0.1 after facing rejection as the price rallied to a region of $0.15.
The price of DOGE trades at $0.1 after rejection from a daily high of $0.15, suffering a minor setback in the price of DOGE to trend higher; the price trades above the 50 and 200 EMA, which indicates a good relief sign for DOGE’s price is possible if the price of DOGE rallies away key support zone that can be broken giving room for bears to take over the market.
Daily resistance for the DOGE price – $0.15.
Daily support for the DOGE price – $0.1.
Featured Image From Insidebitcoin, Charts From Tradingview