DOGECOIN PRICE ANALYSIS & PREDICTION (February 19) – Is Doge Set For Another Crackdown Following This Bearish Move?
After experiencing a short recovery last week, Doge resumed drops and started to lose ground again on a daily scale. However, it currently sits near a key support level and now looks set for another breakdown.
Doge’s price is waxing weaker weekly following the latest drawdown as the bears continue to take charge on the daily chart. The primary meme coin is seriously in red today due to a 10% drop in the past few days.
It currently approaches a vital support level and looks prime for another major crash. It is important to note the supply level is on the rise again. Meanwhile, the latest bearish came after a short recovery to the $0.287 level last week. It marked resistance there and initiated drops.
A plunge through the immediate support could cause a serious reduction. While this bearish move signals a trend shift, it may lead to an end in the bull cycle if the price falls below $0.1. Technically, there’s still hope for the bulls if they intercept this move.
The current monthly low is the last defense for the bulls. If they fail to defend it well, we may see a massive crash to a new multi-month low.
However, looking at the market from a technical perspective, the bears are much more likely to win the battle as they are yet to reach an exhaustion point.
DOGE’s Key Level To Watch
The $0.24 level is considered an immediate support for drops. A break below it should slip us to the $0.2 level with a potential crash to $0.16.
Right now, the bulls are off the market. If they manage to step back, they must reclaim last week’s $0.287 high before considering a positive move. Higher resistance levels for an increase are $0.341 and $0.48.
Key Resistance Levels: $0.287, $0.341, $0.48
Key Support Levels: $0.24, $0.202, $0.16
- Spot Price: $0.251
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
