DOGECOIN PRICE ANALYSIS & PREDICTION (August 29) – Despite Posting Gains Today, Doge Remains In A Bearish Zone

2024-8-30 18:02

Dogecoin extended bearishness this week after facing resistance in the preceding week. It has found a grip above $0.095 following a small gain but there’s still room for drops if the bearish pattern continues to play.

After witnessing a three-week recovery from the monthly dip, Dogecoin initiated a drop and slipped slightly under the $0.1 level this week. It has climbed back and now trades calmly at this mentioned price level.

The bulls have shown a small interest today but whether they can sustain this current pressure in the coming days remains unknown. However, if they show strong commitment, we can expect a steady buy in the future.

But looking at the current price actions, the buying volume appears low at the time of writing. A strong weekly close above the $0.12 level could activate a short-term rally towards last month’s high before pulling back.

Following the price movement from the peak of $0.23, Dogecoin is still considered bearish on the daily chart, although the selling has paused a bit due to the latest increase. If the bears step back, the price may roll back to the recent low before deciding on the next direction. 

Doge’s volume indicator is currently flat on the daily chart, revealing serious money outflow in the market. More price reductions should be expected if the volume level continues to decline daily.

DOGE’s Key Level To Watch Source: Tradingview

Aside from the $0.095 level that just produced a bounce, the $0.094 and $0.081 levels are considered as support. A collapse through these levels could bring Doge to a low of $0.07 in the future.

But now that the price is up today, the immediate resistance to watch for an increase is $0.115. If this resistance flips, $0.13 and $0.143 would be the next resistance to watch, followed by $0.166.

Key Resistance Levels: $0.115, $0.143, $0.166

Key Support Levels: $0.094, $0.081, $0.07

Spot Price: $0.1 Trend: Bearish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: archnoi1/123RF // Image Effects by Colorcinch

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