Dogecoin Slows Down As Bearish Sign Appears; Here Are Levels To Watch

  • DOGE’s price slowed down after showing so much strength as it rallied to a high of $0.15.  
  • DOGE may experience a retracement as bearish diversification occurs in the 4-hourly (4H), timeframe. The price suffers little retracement. 
  • DOGE’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).

Dogecoin’s (DOGE), price showed incredible price movement, rising from $0.055 to $0.15. Many became euphoric. While the market for crypto has seen a bit of relief across most assets, Bitcoin (BTC), Ethereum and ETH have been leading the charge. Many crypto assets, including Dogecoins (DOGE), experienced over 150% gains within 7 days. DOGE may experience a retracement if a bearish sign appears, as uncertainty is creeping into the crypto market. Data from Binance

Dogecoin Price Analysis on the Weekly Chart

Many altcoins are continuing to show over 150% growth over the 7 days since breaking free from their range bound movements. This is making crypto markets look more inviting. DOGE and other altcoins have enjoyed some impressive rallies.

Many altcoins were struggling to keep their crucial support areas up in the past week. This was a tough time for the crypto market. The week is looking more mixed after previous rallies. 

DOGE’s weekly close was above $0.12 and the DOGE price rose to $0.15. DOGE faced minor rejection, but it broke higher, to $0.15. This led to DOGE trending higher. 

DOGE is still trading above its $0.12 area. DOGE might see a retracement back to $0.1 if it loses this region.

Weekly resistance for the price of DOGE – $0.15.

Weekly support for the price of DOGE – $0.1.

Doge Price Analysis On A Daily (1D) Chart

Source: DOGEUSDT On| Source: DOGEUSDT On

The price of DOGE remained strong in the daily timeframe. It held higher than its range channel and provided strong support for sellers to keep the price down.

DOGE trades currently at $0.13. This is just below its support at $0.095 for the daily timeframe. It was formed after a breakout from a range channel that saw good volume and the price rose to $0.15. The DOGE trend stopped higher when it rejected the rejection. 

Doge’s 4H price divergence has turned bearish. It could indicate that a further retracement is possible as the price may retrace back to $0.1-$0.095. We could see the price fall to $0.07-$0.055 if these levels are not lost. 

Daily resistance for the DOGE price – $0.15.

Daily support for the DOGE price – $0.09-$0.055.

Featured Image from zipmex. Charts by Tradingview

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