The latest bounce in Doge’ price has sparked another hope for a buy as it recovered 1% overnight. However, the price may roll back if the bulls fail to show commitment. The break and retest pattern may trigger a fresh surge.
Following the bullish crossover that saw the price break out of a long descending channel earlier this month, Dogecoin tapped the $0.107 range and quickly wicked after multiple rejections.
It entered a corrective phase and dropped to a low of $0.086 yesterday – retesting the broken channel as support after two weeks of trading.
That low was quickly rejected and the price closed above the $0.090 level. The bounce was triggered by the latest recovery in the crypto market, sparking Doge’s price to $0.093 at the time of writing.
Technically, it has formed a break and retest pattern on the daily chart. If this pattern comes into play as a bullish continuation, we can expect another rally towards the $0.13 price level.
Although, the buyers are yet to show strong commitment as buying volume remains low at the moment. If they fail, the asset may roll back and further lose momentum.
Dogecoin remains the best-performing meme coin by market cap despite several volume threats from Bonk Inu (BONK) in the past months. Its short-term bullish trajectory is still intact on the daily chart.
DOGE’s Key Level To Watch
On the daily chart, Dogecoin’s closest resistance is held at $0.098. A push above it could allow full recovery to $0.107 with a potential surge to $0.12.
Otherwise, a drop below the $0.0877 support could trigger a broader correction to the $0.082 and $0.076 support levels. The $0.071 and $0.065 are lower levels to consider for an extremely oversold area.
Key Resistance Levels: $0.098, $0.107, $0.12
Key Support Levels: $0.0877, 0.082, $0.076
- Spot Price: $0.093
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.