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Dogecoin Price: DOGE Breaks Above Downward Trend but Meets Resistance

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Doge Daily Chart – Source: Tradingview.com

Doge has finally broken above a long-term downtrend which it has been trading in since mid-December.

However, the price is struggling to break above a former support level at $0.002.

Price briefly traded above $0.002 but quickly fell back below.

It has since been forming daily candles with small bodies similar to Doji candles which reflect uncertainty from traders.

Doge 6-Hour Chart – Source: Tradingview.com

Price managed to overcome the downward trendline during bullish surges which took place last week.

However, any rises above $0.002 have quickly been brought back below with sellers arriving to push the price down.

$0.002 to $0.0023 is an important area for the price of Doge and price spent three weeks in this range before spiking in mid-December.

If price fails to overcome resistance, the key level to monitor is the 2019 low at $0.00177.

Price would likely return to this point if the market returns to bearish conditions or if price fails to overcome $0.002 but may meet some support here.

Key Takeaways:

  • Doge broke above a downtrend it has been forming since mid-December but fails to rise above resistance at $0.002.
  • Any movements above $0.002 quickly dropped back below with $0.002 to $0.0023 being an important area for Doge.
  • If price drops from this point, the key level to monitor is the point of the 2019 low at $0.00177.

Latest Dogecoin News:

  • Dogecoin Price: Are Dark Days Ahead for Doge As It Forms New 2019 Low?

  • Dogecoin [Doge] Price Action – Doge Returns to 2019 Low as Bullish and Bearish Signs Form

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Dogecoin Price: DOGE Breaks Above Downward Trend but Meets Resistance was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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