Dogecoin Technical Analysis: Price Meets Resistance at Former Range Low

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Dogecoin Daily Chart – Source: Tradingview.com

The cryptocurrency markets underwent a brief recovery yesterday from their bearish start to the week.

Doge rose to meet resistance at the point of its former range low.

Doge traded in a range from $0.002 to $0.0023 for a period of two weeks until it broke below at the start of this week as bearish conditions hit the market.

Price met resistance at $0.002 yesterday as the price rose.

Price has since returned on a downward trajectory.

The next level to monitor for doge is the 2019 low at $0.00185.

Dogecoin 6-Hour Chart – Source: Tradingview.com

The 6-hour chart shows in closer detail how price has behaved with the levels.

Price has been forming a far more bearish pattern since dropping below $0.002.

Yesterdays failure to overcome resistance at $0.002 marked a lower high, and it is likely that price will continue to new 2019 lows on the next significant drop.

Key Takeaways:

  • Doge met resistance at its former range low during yesterdays brief market recovery.
  • The failure to overcome resistance has resulted in a bearish market structure with a lower high formed.
  • The next key level to monitor is the 2019 low at $0.00185. It is highly possible that the price could drop to this point during the next drop.

Latest Dogecoin News:

  • Dogecoin Price Action – Doge Forms 2019 Low After Dropping Below Range

  • Dogecoin Price Prediction: Doge Is at the Bottom of the Support Range, Will It Continue Its Fall or Move Upward?

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Dogecoin Technical Analysis: Price Meets Resistance at Former Range Low was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.