Dogecoin (DOGE) The price recently faced a tough rejection at $0.1255. Investors have been through a very difficult week as they tried to heal the wounds of this rejection. However, since the bulls could not catch enough strength at these levels, the bears took control of the price chart and the price action regressed even lower. This downward pressure continues with lower highs and lower lows targeting the two-week low at $0.1067 or the monthly S1 support at $0.1010.
If Pressure Continues, Price Will Drop Below $0.1000!
Dogecoin price It had a tiny top above $0.1255 and was aiming for $0.1400 in the process, planning to test the highs of the previous weeks and the 55-day Simple Moving Average. But the bulls were left to dry out after a relief rally that was fueled by some positive headlines from Ukraine throughout the week, with willingness to cancel a few requests on their part. However, Russia remained quiet which triggered a significant rejection at the upside at $0.1255.
DOGE price seems to have investors desperately looking for support, which can be found at $0.1067, a low from two weeks ago. As for traders this level can be expected to be met with some bullish activity, it would make sense to stay long and place their stops at the $0.1004 level and the psychological $0.1000 level. But at the same time, this activity allows the bears to gain strength and attack, as the stops placed will attract bears and may see a falling blade action as DOGE drops to $0.0700 monthly at the S2 support level. On the other hand, the Relative Strength Index (RSI) continues to decline at a slow pace.
A solution from Russia and Ukraine could affect the DOGE price action. It would be a fair strategy to expect this news to create a short test and breakout above $0.1255 and face the $0.1400 level, fearing that the two previous highs, the 55-day SMA and the monthly pivot, intersect each other. A rally to $0.2 is likely near the monthly R2 resistance and the 200-day SMA.
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.