Dogecoin still experiences another bearish day today. A drop through today’s crucial zones might see the meme coin struggling towards the weekend.
On Wednesday, Dogecoin lost 1.15% of its total value. With Tuesday’s 3.85% loss, DOGE traded at $0.1976 as the day ended.
A bearish morning trading session had the virtual currency dropping to $0.1874 before registering moves.
With the negative market mood, the altcoin lost ground on its first vital $0.1952 support zone and the second crucial support at $0.1906.
After conquering the support levels at sub-$0.18, DOGE rallied to $0.2046 intraday high in the early afternoon.
Meanwhile, Dogecoin failed to claim its first crucial resistance at $0.2067. As a result, the coin dropped to the level at sub-$0.20 before plunging in the red zone.
While writing this report, Dogecoin surged to $0.1987, following a 0.56% increase. Mixed morning trading sessions saw DOGE falling to $0.1960 before climbing to the $0.1987 high.
Earlier on, Dogecoin did not test its crucial resistance and support levels.
The Day Ahead
The meme asset has to prevent falling through the pivot level at $0.1965 to overcome the crucial $0.1075 resistance.
For now, DOGE requires broader market support to break from the $0.2046 Wednesday highs.
Excluding continuous rallies, the first vital resistance has chances to prohibit uptrend moves.
If the currency manages to break out, it might test the $0.22 resistance levels before pullbacks. The following resistance zone lies at $0.2137.
A drop beneath the pivot zone at $0.1965 would necessitate the first vital support at $0.1885.
Barring a continuous sell-off, DOGE could rally over the sub-$0.18 area. The second massive support lies around $0.1793.
Technical Indicators
- First vital support level – $0.1885
- Pivot level – $0.1965
- First vital resistance level – $0.2057
- 6% Fibonacci retracement level – $0.3016
- 2% Fibonacci retracement level – $0.3859
- 62% Fibonacci retracement level – $0.5221
For now, Dogecoin will require market catalysts to register moves in any direction. Keep in mind that the meme coin has been struggling since Elon Musk’s SNL appearance. Do you think that DOGE will recover its losses? Where do you see this canine-themed asset in the future?
Feel free to share your views with us.
