Dogecoin Price Decline Looms As Bears Cut Short Recovery: Key Levels To Watch

Dogecoin Price Decline Looms As Bears Cut Short Recovery: Key Levels To Watch

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.