Dogecoin Holds $0.08 Against All Odds; Here is Why This Will Favor DOGE Army

Dogecoin (DOGE) continues to display a better price action than in recent times than Bitcoin (BTC) as the price reclaims the support of $0.08 and eyes a further rally to a region of $0.1 if the crypto market remains calm ahead of a monthly close. Despite the relief bounce from Dogecoin (DOGE), the price still trades below the key region of interest that would attract the attention of many buyers. The Domino effect of the FTX saga and other huge investors has left the market at a standstill as the market is yet to make a major move leading to much fear about where the market could be headed. (Data from Binance)

Dogecoin (DOGE) Price Analysis On The Weekly Chart

Despite the uncertainty and turbulence that has affected the price of Dogecoin (DOGE) and the crypto market as a large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue in a downward price movement.  

DOGE’s price declined from a region of $0.15 to a region of $0.7 as DOGE lost this key support. The price of DOGE failed to hold above $0.1, leading to price retesting 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 timeframes. If the price of DOGE loses this region of interest, it would mean price going and bears controlling DOGE prices.

Weekly resistance for the price of DOGE – $0.1.

Weekly support for the price of DOGE – $0.08-$0.07.

Price Analysis Of DOGE On The Daily (1D) Chart

The price of DOGE remains considerably strong in the daily timeframe as the price trades above $0.08 after DOGE saw its price decline from $0.15 to $0.07 as the market continues in its state of uncertainty. 

DOGE’s price continues to struggle as price aims for more relief bounce from this region. The price of DOGE needs to reclaim and trade above $0.1 for a short-term relief bounce. The $0.1, corresponding to the Fibonacci retracement value of 38.2%, will strongly resist the DOGE price.

DOGE prices trade at $0.08 below 50 EMA, acting as resistance for DOGE to trend higher. The price of $0.012 on the daily timeframe for DOGE needs to be reclaimed for bulls to feel safe. 

Daily resistance for the DOGE price – $0.11.

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

Source Link