#Dogecoin fell 55% from Q4 2022 High; will $0.065 Hold DOGE?
Past Performance of Dogecoin
Spectacular gains of October were quickly reversed in November and December. From Q4 2022 peaks, the coin fell 53 percent and is now flat-lining in a tight trade range, evident in the daily chart. There are higher highs versus the lower BB, pointing to a possible reduction in selling pressure. Nonetheless, there must be substantial gains above resistance lines for trend continuation.
#Dogecoin Price Analysis
Bears are in a commanding position, but there are also fundamental factors that influence the coin's performance. In the short term, support lies at $0.065 while resistance is at $0.075 and $0.080—marking December 19 high, respectively. Risk-on traders must wait for a breakout above the current consolidation, ideally above $0.080, before loading the dips, targeting December 16 high at $0.087 or better. If there are sharp losses below $0.065 and last week's low, DOGE may disintegrate, falling back to $0.056.
What to Expect from #DOGE?
DOGE is within a bullish formation, from a top-down preview. Support coincides with around September 2022 highs. However, whether buyers can initiate longs or traders swing the bear run depends on the reaction at the earlier mentioned levels.
Resistance level to watch out for: $0.080
Support level to watch out for: $0.065
Disclaimer: Opinions expressed are not investment advice. Do your research.
Spectacular gains of October were quickly reversed in November and December. From Q4 2022 peaks, the coin fell 53 percent and is now flat-lining in a tight trade range, evident in the daily chart. There are higher highs versus the lower BB, pointing to a possible reduction in selling pressure. Nonetheless, there must be substantial gains above resistance lines for trend continuation.
#Dogecoin Price Analysis
Bears are in a commanding position, but there are also fundamental factors that influence the coin's performance. In the short term, support lies at $0.065 while resistance is at $0.075 and $0.080—marking December 19 high, respectively. Risk-on traders must wait for a breakout above the current consolidation, ideally above $0.080, before loading the dips, targeting December 16 high at $0.087 or better. If there are sharp losses below $0.065 and last week's low, DOGE may disintegrate, falling back to $0.056.
What to Expect from #DOGE?
DOGE is within a bullish formation, from a top-down preview. Support coincides with around September 2022 highs. However, whether buyers can initiate longs or traders swing the bear run depends on the reaction at the earlier mentioned levels.
Resistance level to watch out for: $0.080
Support level to watch out for: $0.065
Disclaimer: Opinions expressed are not investment advice. Do your research.
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