The altcoin market has undergone significant price corrections alongside developments in the crypto market, leading to an increased dominance of Bitcoin. Optimism surrounding spot Bitcoin ETF applications has influenced investors to pivot towards Bitcoin. Amidst these market dynamics, Dogecoin, the largest memecoin project, has been experiencing its own fluctuations.
On the daily Dogecoin (DOGE) chart, a rising channel formation was notable until recent declines broke the support, resulting in continued selling pressure. However, support from the EMA 200 (red line) suggests a potentially positive scenario for DOGE’s price.
Critical support levels to monitor on the DOGE chart are $0.07421, $0.07024, and $0.06519. A daily close below $0.07421 could trigger a price drop. Conversely, important resistance levels are $0.08140, $0.08719, and $0.09230, with a daily close above $0.08140 potentially accelerating DOGE’s momentum.
The weekly Dogecoin chart reveals a narrowing wedge pattern. A break above resistance followed by a test of the EMA 200 could lead to a resurgence in upward momentum. Failure to maintain this could result in a return to the formation zone, potentially leading to significant selling pressure.
Key weekly support levels are at $0.07480, $0.06810, and $0.06290. A close below $0.07480 could intensify selling pressure. Resistance levels to watch are $0.08217, $0.08960, and $0.09913, with a weekly close above $0.08217, intersecting with the EMA 21 (blue line), likely to boost DOGE’s price trajectory.