Despite the increased market volatility, the Memecoins display bearish sentiment, suggesting a change of interest among the investors. Further, the category leader, Dogecoin has recorded a neutral week as the token has experienced a correction of less than 2% in valuation.
The star memecoin traded in a closed range between $0.08931 and $0.09366 for a brief period, following which the market experienced a strong bearish move, resulting in the Dogecoin price recording a loss of approximately 15% in valuation.
After this, the price traded between $0.07981 and $0.08416 for three days, following which the bulls lost momentum and broke down the support level. After testing its crucial support level of $0.07597, the bulls regained momentum and pushed its price back into the range.
The DOGE price then traded sideways for about a week, indicating weak buying and selling pressure in the crypto space. The bulls struggled to hold the price above the support level of $0.07981, resulting in a price breakdown, but the bulls held the price strong above the crucial support level.
As the market volatility grew, the Doge coin price experienced a jump of approximately 10%. Since then, the price has been trading under a bearish influence and has been trading in a closed range between $0.07597 and $0.07981, suggesting a weak price action.
Will DOGE Price Rise Back Up?
The Relative Strength Index (RSI) displays a sideways trend, indicating weak buying and selling pressure in the market. Further, the averages show a bullish curve, suggesting the price will experience a significant price action soon.
If the bulls push the price above the resistance level of $0.07981, the DOGE price will prepare to test its upper resistance level of $0.08416 soon. Maintaining the price at that level will set the stage for Dogecoin to attempt to test its resistance level of $0.08931 in the coming time.
Conversely, if the bears overpowered the bulls, the memecoin would lose momentum and fall to test its support level of $0.07597. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its lower support level of $0.07168 during the coming week.
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