Dogecoin Price: DOGE Breaks Above Downward Trend but Meets Resistance

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Doge Daily Chart – Source: Tradingview.com

Doge has finally broken above a long-term downtrend which it has been trading in since mid-December.

However, the price is struggling to break above a former support level at $0.002.

Price briefly traded above $0.002 but quickly fell back below.

It has since been forming daily candles with small bodies similar to Doji candles which reflect uncertainty from traders.

Doge 6-Hour Chart – Source: Tradingview.com

Price managed to overcome the downward trendline during bullish surges which took place last week.

However, any rises above $0.002 have quickly been brought back below with sellers arriving to push the price down.

$0.002 to $0.0023 is an important area for the price of Doge and price spent three weeks in this range before spiking in mid-December.

If price fails to overcome resistance, the key level to monitor is the 2019 low at $0.00177.

Price would likely return to this point if the market returns to bearish conditions or if price fails to overcome $0.002 but may meet some support here.

Key Takeaways:

  • Doge broke above a downtrend it has been forming since mid-December but fails to rise above resistance at $0.002.
  • Any movements above $0.002 quickly dropped back below with $0.002 to $0.0023 being an important area for Doge.
  • If price drops from this point, the key level to monitor is the point of the 2019 low at $0.00177.

Latest Dogecoin News:

  • Dogecoin Price: Are Dark Days Ahead for Doge As It Forms New 2019 Low?

  • Dogecoin [Doge] Price Action – Doge Returns to 2019 Low as Bullish and Bearish Signs Form

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