Dogcoin $0.229956 (Doge) is struggling to recover after a harsh decline in the last trading session. However, the price is stuck in the falling channel and is difficult to overcome significant levels of resistance. Investors are focused on the points of support and resistance to determine the direction of Doge.
Important support and resistance levels for Dogecoin
Dgecoin was traded at $ 0.244 during writing and gained 2.12 percent in the last 12 hours. However, this rise faced a strong resistance at $ 0.262. Because this level coincides with the withdrawal point of 0.236 Fibonacci, making it difficult to increase the price.
The next important resistance level stands out as $ 0.274. This region corresponds to the level of 0.382 fibonacci and Dog It can be a critical turning point for. If this level can be exceeded, the price of Memecoin may rise to $ 0.284. This region is a critical resistance point with a 50 percent fibonacci level.
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On the other hand, support levels are closely monitored. Doge’s closest support point is now at $ 0.238. If the price falls below this region, investors’ eyes will be turned to $ 0.220. This level can determine Memecoin’s fate as a psychological barrier.
In general, Dogecoin needs to exceed $ 0.274 in order to enter the rise trend. Falling below $ 0.238 may cause the price to decline to $ 0.220. The 50 -day moving average $ 0.271 level stands out as an important resistance.
What do the technical indicators say for Doge Coin?
Doge Coin‘s current price movements are in the channel formation that falls. This structure increases the pressure in the market by limiting the rise moves of the bulls. In addition, the 50 -day moving average of $ 0.271 stands out as an important resistance. A strong rise scenario seems difficult without a permanent breaking above this level.
In order to talk about a longer -term bull trend, Doge needs to exceed the 200 -day moving average of $ 0.348. However, the current price movements show that it may take time to reach this level.
Market value and value ratio (MVRV) data also draw attention. The MVRV ratio, which is at -11.69 percent compared to the last 30 -day average, shows that Doge is currently priced compared to historical values. This may mean opportunities for investors, as well as indicate that the market’s interest in Dogecoin is low.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
