Dogecoin (DOGE) Reached a Seven-Month High Earlier This Week and Pulled down - But It Still Looks Bullish

Following an over 100% recovery in two months, Dogecoin reached a seven-month high earlier this week and pulled down. This has brought a serious

After an over 100% recovery in two months, Dogecoin reached a seven-month high earlier this week and pulled down. This has brought a serious reduction and weakness in the market but it still looks bullish.

Last month’s trading was quite interesting for the bulls as Doge charted its biggest monthly gain ever since March. After peaking at $0.18 high, the leading meme coin lost steam and ended that month on a weak note.

That led to a bearish start this month and the price dropped to a daily low of $0.142. While these drops look more like a pullback, we can expect the price to bounce back. It is still holding 3% gains weekly despite the falls.

However, the leading meme coin seems to be reaching a key rebound level on the lower timeframe and from the look of things, it is likely to resume buying soon. If that comes into play, the bulls’ next target would be $0.229 – marked as the yearly high in March.

All in all, this week has been rough for Doge as it shed notable losses in the last five days, although its short-term bullish trajectory remains very much intact on the daily outlook. A pull below the previous low could trigger a severe drop.

DOGE’s Key Level To Watch

If the price bounces back, Doge may encounter resistance at the $0.16 level. Retaking the $0.18 resistance could rally the price straight to the $0.21 and $0.229 highs – marked in April and March.

The $0.128 level is the closest support for drops. If the price falls below this level, the next support level to consider is $0.115. The lower support level for drops is the $0.1 level.

Key Resistance Levels: $0.18, $0.21, $0.229

Key Support Levels: $0.128, $0.115, $0.1

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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