Most crypto assets are battling with key supports in the wake of recent declines. Dogecoin has ticked up slightly on the day, trading 2.86% higher at $0.225. Dogecoin founded by developers Billy Markus and Jackson Palmers in 2013 as a joke, topped the most-searched-for cryptocurrency in the largest number of U.S states so far this year. Dogecoin, is the most-googled in 23 states, including Florida, Illinois, and Michigan, according to research by The Advisor Coach, a financial advisor. With a market capitalization of $29.7 billion, Dogecoin presently ranks 10th largest according to Coinmarket cap data. It shot to prominence due to social media support from the likes of Elon Musk, Mark Cuban and has added a whopping 6,000% to its value since this time last year. Elon Musk continues to show unwavering support for Dogecoin, even challenging Binance chief executive Changpeng “CZ” Zhao over the exchange’s ongoing Dogecoin withdrawal issues in reply to tweets today.
Key Levels
Resistance levels: $0.4000, $0.3500, $0.3000
Support Levels: $0.1950, $0.1593, $0.1357
DOGE/USD Daily ChartDOGE rose to intraday highs of $0.2390 after the rebound off the $0.21 level, creating a triple bottom. Technically, the RSI indicator points upwards in the negative region, confirming a slight uptick in positive momentum. If the DOGE price continues the upside move, immediate resistance could come from the MA 50 at $0.251 ahead of the MA 200 at $0.273.
After breaching these lines, DOGE bulls could meet the $0.355 barrier ahead of the $0.46 level. On the flip side, a potential downside movement could test the $0.21 floor. A successful break below this key support may stop at the $0.19 hurdle and the $0.159 level. However, the general picture remains that of consolidation.
DOGE/USD 4-Hour ChartDogecoin has been giving up ground but spiked after finding significant support in the $0.21 region. Should DOGE price continue its ascent in the coming 4-hour sessions, immediate resistance is at the $0.23 region near the MA 50 ahead of the MA 200 ($0.257). Clearing this level would reinforce the resumption of an uptrend, setting the stage for the $0.30 level.
On the flip side, if positive momentum fades, the DOGE price could fall back towards the $0.21 level that has provided support in recent times. A violation of this obstacle would turn the focus to $0.19. To sum up, Dogecoin has partially bounced back from its short-term downtrend. A break above the $0.30 region would erase the recent dip, and crossing below $0.21 would pose a negative outlook.
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