After rising over 100% in two months, Dogecoin hit a seven-month high earlier this week and then retraced. This has brought significant declines and weakness to the market, but it still looks bullish.
Last month's trading was quite interesting for the bulls, as Doge achieved its largest monthly gain since March. After reaching a high of $0.18, the leading meme token lost momentum and ended the month on a weak note.
This led to a bearish opening this month, with prices dropping to a daily low of $0.142. While these declines appear more like a correction, we can expect the price to rebound. Despite the downturn, it still maintains a 3% weekly gain.
However, the leading meme token seems to have reached a key rebound level in the lower time frame, and it is likely to recover buying soon. If this happens, the next target for the bulls will be $0.229 — the annual high from March.
In summary, this week has been tough for Doge, as it has significantly declined over the past five days; however, its short-term bullish trajectory still looks very intact on the daily chart. Dropping below previous lows could trigger a significant downturn.
Key levels for DOGE are worth paying attention to
If the price rebounds, Doge may encounter resistance at the $0.16 level. Regaining the resistance level of $0.18 could lead the price to directly rise to the highs of $0.21 and $0.229 set in April and March.
$0.128 is the recent support level for the decline. If the price falls below this level, the next support level to consider is $0.115. The lower support level for the decline is $0.1.
Key resistance levels: $0.18, $0.21, $0.229
Key support levels: $0.128, $0.115, $0.1
Spot price: $0.146
Trend: Bullish
Volatility: Low
