Home CryptocurrencyAnalysis Dogecoin holds $0.08 against all odds; Here’s Why DOGE Army Will Prefer It

Dogecoin holds $0.08 against all odds; Here’s Why DOGE Army Will Prefer It

by SuperiorInvest
  • The DOGE price continues to show strength as the price holds above the key $0.08 region as bulls try to go higher.
  • DOGE price continues to look bearish with the current market condition as most traders and investors remain cautious.
  • DOGE price bounces off $0.07 low on daily time frame as price moves with eyes on retrieving price above 50 exponential moving average (EMA)

Dogecoin (DOGE) continues to show better price action than recently than Bitcoin (BTC) as the price regains support at $0.08 and looks to move further towards the $0.1 area if the crypto market remains calm before the monthly close. Despite the relief rebound from Dogecoin (DOGE), the price is still trading below a key area of ​​interest that would attract the attention of many buyers. The domino effect of the FTX saga and other huge investors has stalled the market as the market is yet to make a major move leading to great fear of where the market could be headed. (Data from Binance)

Dogecoin (DOGE) price analysis on a weekly chart

Despite the uncertainty and turbulence that has affected the price of Dogecoin (DOGE) and the crypto market at large, many altcoins are fighting for survival and trying to stay afloat as altcoin prices continue to move downwards.

DOGE price dropped from the $0.15 area to the $0.7 area as DOGE lost this key support. The price of DOGE failed to hold above $0.1, leading to a retest of the price at lower price points.

The price of DOGE continues to hold above $0.08-$0.07, indicating a good sign for the DOGE Army on the weekly chart and other time frames. If the price of DOGE loses this area of ​​interest, it would mean that the price will go down and take control of the prices of DOGE.

Weekly resistance at DOGE price – $0.1.

Weekly support for DOGE price – $0.08 – $0.07.

DOGE price analysis on a daily (1D) chart

DOGE Daily Price Chart | Source: DOGEUSDT On Tradingview.com

The price of DOGE remains quite strong on the daily time frame as the price is trading above $0.08 after DOGE saw a drop from $0.15 to $0.07 as the market continues to be in a state of uncertainty.

The price of DOGE continues to struggle as the price is headed for a bigger bounce from this region. DOGE price needs to recover and trade above $0.1 for a short-term relief rebound. $0.1, which corresponds to the Fibonacci retracement value of 38.2%, will strongly resist the price of DOGE.

DOGE prices are trading $0.08 below the 50 EMA, which acts as resistance for DOGE to trend higher. The price of $0.012 in the daily time frame for DOGE needs to be recovered for the bulls to feel safe.

Daily resistance at DOGE price – $0.11.

Daily support for DOGE price – $0.08 – $0.07.

Featured Image From zipmex, Charts From Tradingview

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