In the past week of trading, Dogecoin DOGE saw the most gains amongst the top three ranked meme coins with over $26 billion in valuation. Despite facing rejections, it showed no sign of weakness at the time of writing.
Doge has recovered well from the recent dip and is now trading back at the top with a 45% gain in the last seven days. It looks bullish on the daily chart but has seen a twice rejection since the start of the week.
Despite that, the leading meme coin continued to show strength with no signs of cooling off at the moment. It charged back with a 2.2% gain today and is now attempting to revisit the recently rejected $0.187 level.
From the look of things, the price is building up a bigger momentum on the daily chart. A flip through this level could bring more gains in the near term. Should the rejected level further pose a threat to the bulls, Doge may lose momentum.
In fact, the daily volume indicator is currently on the fall, revealing money outflow in the market. This could lead to a potential decline if the volume indicator continues to decrease. But as it stands now, Dogecoin appears bullish on the day.
DOGE’s Key Level To Watch
Source: Tradingview
The $0.187 level is now serving as important resistance on the daily chart. A push above it could send the price to $0.206 and $0.235 respectively. The next line of resistance to keep in mind is $0.26.
Losing momentum, the potential support for a rebound is $0.159. The next support to watch is $0.14, followed by the $0.12 level, where it initiated a fresh buy last week.
Key Resistance Levels: $0.187, $0.206, $0.235
Key Support Levels: $0.159, $0.14, $0.125
Spot Price: $0.183
Trend: Bullish
Volatility: High
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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