Dogecoin May Sustain Support; Is an Uptrend Possible for DOGE?

DOGE remains the top-ranking meme cryptocurrency of its time and maintains its dominance. However, sell-off is the only word that aptly describes the current events in the crypto world, especially with altcoins.

DOGE has seen a terrible price trend in 2022, and buyers are expecting a retracement in its sell-off activities. The previous consolidation level indicates resistance at $0.17 and support at $0.135 levels. DOGE stands at 10th position with a market capitalization of $11,769,440,833 despite falling around 50% in the last year.

The negative price trend is good news for holders who would get to acquire Dogecoin at discounted values. Currently, $0.07 has developed into a support level, but the strength of this level needs to be tested. Read our detailed Dogecoin prediction to know about the future price level of the coin for the coming years.

DOGE Price Chart

However, the 50 DMA curve breach was in sync with the sell-off. Since DOGE had already breached other important moving average levels of 100 and 200 days, it was already trending negatively since the rejection in November 2021.

DOGE had slipped down to $0.07 but has covered some of its lost valuations and currently trades at a 25% premium to its recent crashed value. The first psychological resistance for Dogecoin would be $0.10, followed by $0.15 and $0.18.

The resistance would serve as a profit booking level for buyers who got to buy the DOGE tokens at the discounted low values. In case the immediate support of $0.07 remains stronger, Dogecoin can offer significant gains in the coming months, provided that the performance of Bitcoin and market leaders create positive sentiment.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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