Dogecoin, after a brief surge above $0.20, is showing signs of weakness. It’s dropped 15% from its recent high of $0.2581 and might fall below $0.20 again.
The $0.24-$0.25 Resistance
Dogecoin’s recent attempt to break through the $0.24-$0.25 price range failed. This area acted as strong resistance before, notably in early March. This rejection created a bearish engulfing pattern on the daily chart – a signal that sellers are gaining control. The increased trading volume during this rejection further strengthens this bearish signal. It’s the second time Dogecoin has been rejected from this level, making the resistance even more significant.
What’s Next for Dogecoin?
The short-term outlook for Dogecoin is bearish. Two key support levels to watch are:
- $0.19361: Breaking below this level would be a major setback, potentially leading to a sharper decline. This level acted as resistance in April but then became support.
- $0.14915:
This is a strong support zone where Dogecoin bounced twice in March. It’s also a high-liquidity area, suggesting potential institutional interest and a possible rebound if Dogecoin reaches this level.
Currently, Dogecoin is trading around $0.2171, down about 3.7% in the last 24 hours.