After a New Sell-Off From a Key Level, Dogecoin (DOGE) Is Now Under the Bears' Radar

The past few days have been rough for Dogecoin following a new sell-off from a key level. However, it appears to have found minor support, though not strong enough, and there’s no assurance that it will hold.

On a mid-term scale, Doge’s outlook is still under the bears’ radar, but they appear to have exhausted momentum and are now looking weak. The bulls intercepted their recent attempt to resume pressure, and the market is now calm at the time of writing.

This slight bearish suspension manifested earlier this month after testing a new monthly low of $0.13. A bounce occurred, and the price recovered to $0.17. Marking a resistance there, the price fell to $0.15 yesterday and held above this price level as support. Whether this minor support level will hold or not is yet to be ascertained.

Advancing bearish move, the primary meme coin may lose grip above the support level, and continues to show signs of weakness on the daily chart. While this could lead to another major breakdown, it may see big losses in the long term.

A few top meme coins have mirrored Doge’s recent price movement. While some are posting gains in the past few days, many are yet to find a solid ground on the daily timeframe. Nevertheless, the overall market is still considered bearish.

DOGE’s Key Level To Watch

If the bears pull below $0.15, we can expect an extension to $0.142, along with the monthly $0.128 low. A collapse from there should bring us to $0.115 and maybe the $0.1 level in the near term.

Towards the upside, the $0.17 level has recently held as resistance. If the price rebounds through it to $0.18, we can anticipate a recovery to $0.2 and $0.24 in no time.

Key Resistance Levels: $0.18, $0.2, $0.24

Key Support Levels: $0.142, $0.128, $0.115