Dogecoin Price: DOGE Breaks Above Downward Trend but Meets Resistance
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.
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.
- 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.
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