Investor interest appears to be shifting away from meme-based cryptocurrencies, despite the turbulent nature of the market. Dogecoin, the leader in this category, has had a relatively stable week, with a less than 2% correction in its value.
DOGE Price: A Closer Look
The popular meme token had been trading within a narrow range of $0.08931 and $0.09366 for a short period. However, a significant bearish shift in the market led to Dogecoin’s price dropping by roughly 15%. The DOGE price then fluctuated between $0.07981 and $0.08416 for a few days. After this, the bulls lost their momentum, causing a breakdown of the support level.
Upon reaching a critical support level of $0.07597, the bulls regained strength and pushed the DOGE price back into the previous range. The price then moved sideways for about a week, reflecting weak buying and selling pressure in the crypto market. The bulls had a hard time maintaining the price above the $0.07981 support level, leading to another price breakdown. However, the bulls managed to keep the price above the crucial support level.
Market Volatility and DOGE Price
With increasing market volatility, the DOGE price saw a surge of about 10%. Since then, the price has been under bearish control, trading within a tight range of $0.07597 and $0.07981, indicating weak price action.
What’s Next for DOGE Price?
The Relative Strength Index (RSI) shows a sideways trend, suggesting weak buying and selling pressure in the market. However, the averages are curving upwards, indicating that a significant price movement might be on the horizon. If the bulls can push the price above the $0.07981 resistance level, the DOGE price may be ready to test its upper resistance level of $0.08416 soon. If the price can be sustained at this level, it could pave the way for Dogecoin to attempt to reach its resistance level of $0.08931 in the future.
On the other hand, if the bears gain the upper hand, the meme cryptocurrency could lose momentum and drop to test its support level of $0.07597. If the bears continue to control the market, the price could drop further and prepare to test its lower support level of $0.07168 in the coming week.
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