Dogecoin has been trying to avoid going into a downtrend, which is not very stable lately. DOGE’s price tried to stabilize the price action by testing the $0.21 level today. Here are the levels to watch out for for DOGE.
While DOGE is trying to create its own trend lately, it has been witnessing breaks from time to time. DOGE, which is at $0.22 at the time of this writing, is actually just above a very important level. If DOGE pulls back to $0.21 level and tests itself at that level and this test fails, the DOGE breakout retraces to 0.16 level and a downtrend is formed.
DOGE bulls, on the other hand, are trying to keep the chart up and show a closing chart just above the $0.21 level if possible to prevent this from happening.
DOGE could not get exactly what it wanted in the upward rising chart it tested at 0.21 levels and could not make its investors profit at a sufficient level. From this point of view, we can see that the effort to create the upward trend is insufficient. If DOGE pulls back from the $0.22 level to the test level of $0.21 and fails again, this time it could witness a 23% drop to the $0.16 level. In such a scenario, the bears will regain control.
Dogecoin price reveals weakness between bulls and bears waiting to attack!
Unfortunately, DOGE’s price action could not hold at the desired levels for a while and was trying to support the bulls a little with a higher break outside the trendline. As a matter of fact, these ruptures were not strong, nor were they long-term, and began to dissolve rapidly. This meltdown also showed us that DOGE investors have bulls who focus on the short term rather than the long term. The bears are currently trying to take control at the 0.21 level.
If DOGE manages to hold at these levels, then we can expect a $0.26 attack from DOGE. Again, the rise to these levels may be instantaneous, so it is very important to follow the charts frequently and act cautiously.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.