The recent surge in the cryptocurrency market has raised the hopes of many investors. However, the drop following the Wall Street opening once again caused fear and concern. Bitcoin could not stay above the 28,500 resistance level, and many altcoins followed the decline. DOGE, which has lost its popularity in recent times, can continue to disappoint its investors with this resistance breakout.
The rising channel formation that has been ongoing in the hourly Dogecoin chart experienced a resistance breakout with the drop yesterday. This drop in the market’s biggest meme token project is failing to meet expectations. Investors who have been hoping for news from Elon Musk and the X team are experiencing significant losses.
The important support levels to be followed for Dogecoin are respectively; $0.06163, $0.06133, and $0.06984. A one-hour bar closure below the $0.06163 level can cause a significant drop as the price stays below the EMA 200 average.
The important resistance levels to be noted for DOGE are respectively; $0.06201, $0.06228, and $0.06269. A bar closure above the $0.06269 level will enable re-entry into the channel and surpassing the EMA 7 and EMA 21 averages. In this case, the price will increase significantly.
The descending wedge formation continues to work on the weekly DOGE chart. Although this formation generally results in a negative movement, the cryptocurrency market has always followed a different path compared to traditional markets, and a different scenario can occur in this case.
The important support levels to be followed for DOGE in the long term are respectively; $0.06026, $0.05783, and $0.05535. Especially, a weekly closure below the $0.05535 level can lead to the lowest levels of the recent period and selling pressure.
The important resistance levels to be noted for DOGE in the long term are respectively; $0.06489, $0.06987, and $0.07712. Especially, a bar closure above the $0.07712 level will trigger a significant increase in this pair and the wedge formation will result in an upward movement.