2024-9-11 18:35 |
Dogecoin recently regained strength after witnessing a massive drop in the past months. While its bearish structure remains intact on the daily scale, it is currently looking bullish following a short rebound.
August saw Dogecoin through an end to a broader correction following a monthly back-to-back drop to a local bottom. This brought a reset in the market but the price bounced and increased for three weeks before resuming drop in the late month.
The bears stepped back into the market and pulled the price under $0.09 last week. It later found support and jumped to $0.1 after failing to break lower. This jump brought some gains, but it remains bearish.
Looking at the candle formation, Doge is strongly facing up following a recent upsurge in the daily timeframe. This signals a potential change in the market character.
From the look of things, the market is much more likely to change in favour of the bulls. Meanwhile, the bears are not giving monthly but seem to be slowly losing control from a short-term perspective.
As it stands, the only condition for a bearish continuation lies in a crackdown on the previous lows. If this happens, we can anticipate more leg down until it finds a threshold.
DOGE’s Key Level To Watch Source: TradingviewConsidering more pushes from the bulls’ side, last month’s $0.115 high is an immediate resistance to watch for a breakup. Above this high lies a hidden resistance of $0.129, followed by $0.143 and $0.166.
If the price drops, especially below the $0.089 support, it may reclaim the $0.081 level (August’s low) with a potential dip to $0.07.
Key Resistance Levels: $0.115, $0.129, $0.143
Key Support Levels: $0.089, $0.081, $0.07
Spot Price: $0.103 Trend: Bearish Volatility: LowDisclosure: 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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