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

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As a seasoned crypto investor with a keen interest in Dogecoin (DOGE), I find the recent price action to be a cause for concern. The abrupt halt of its recovery and renewed bearish pressure have pushed DOGE back toward its previous low of $0.0914, and I’m closely monitoring key support levels to gauge the potential direction of its movement.

As a Dogecoin investor, I’ve noticed an unfortunate setback in our coin’s recent recovery. The bearish pressure has resurfaced, threatening to push DOGE back down towards the previous low of $0.0914. Despite some attempts at a rebound, it seems the bears have once again taken control of the market. With the price trending towards this level, there’s much debate among investors about whether Dogecoin will break through or face rejection and potentially start climbing back up.

In this piece, we explore the latest price trends of Dogecoin to help identify crucial support and resistance points for both traders and investors. Keeping an eye on these levels can provide valuable insights into the possible future trajectory of DOGE‘s market fluctuations.

When I penned down these words, DOGE‘s price had dropped by approximately 5.13%, amounting to around $0.1043. Its market capitalization exceeded $15 billion, and its trading volume surpassed $787 million. In the preceding 24 hours, Solana’s (SOL) market capitalization underwent a decrease of roughly 5.22%, whereas its trading volume experienced an uptick of around 4.26%.

Overview Of DOGE’s Recent Price Action

Analyzing the recent movements and trends in DOGE’s price reveals that:

I’ve analyzed the 4-hour chart for this crypto asset, and I can see that it’s exhibiting bearish behavior and trading beneath its 100-day Simple Moving Average (SMA). Since the disruption of its recovery attempt at $0.1069, DOGE‘s price has displayed a consistent downtrend and is currently making an effort to reach its previous low of $0.0914.

The 4-hour chart for Dogecoin shows the formation of the “Williams Alligator,” with its jaw line lying above its lips and teeth at the moment. While Dogecoin is experiencing an uptrend now, there’s a chance that it could reverse course as both the alligator lips and teeth currently reside below the crucial jaw line.

On the 4-hour chart, DOGE‘s price remains downtrend as it hasn’t managed to surpass the 100-day Simple Moving Average (SMA). Despite a brief uptick indicated by a single bullish candlestick, this cryptocurrency could potentially see continued gains in the future.

As a researcher studying the crypto market, I’ve noticed an intriguing indicator called the 4-hour William Alligator. This particular alligator is showing more bearish tendencies based on its current configuration. Specifically, both the alligator lip and teeth are currently situated below its jawline.

Key Support Levels To Monitor For Dogecoin

Currently, DOGE is making an effort to slide downwards towards its prior low of $0.0914. Should the price drop and close below this mark, it’s likely that the asset will continue its descent to hit the $0.0745 support level, with a potential further dip to reach the $0.0559 support area if the former is breached.

If the price of Dogecoin reaches $0.0914 but doesn’t drop below this point, it will begin to climb toward the resistance level at $0.1293. Should it surpass this resistance, the coin could proceed to challenge the $0.1491 ceiling. A breach of this level might lead Dogecoin to explore higher levels on the chart, such as the $0.1649 mark and beyond.

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2024-07-08 14:46