Amid the Latest Market Drops, Dogecoin Remains Strong Daily as It Enters a Brief Consolidation Mode

After rising by almost 40% to test $0.15 in two weeks, Dogecoin faced resistance yesterday and dropped to $0.145 at the time of writing.

Amid the recent market dips, Dogecoin (DOGE) has shown resilience with a nearly 40% gain in two weeks of trading. However, as the meme coin faces resistance and enters a consolidation phase, several meme coins are experiencing a downturn.

DOGE faced resistance yesterday after rising to almost $0.15 in two weeks of trading. At the time of writing, the price is at $0.145.

The price appears strong on the daily chart, but buying exhaustion is evident as volatility has decreased over the past four days. If the buzz fades, DOGE may join the broader meme coin decline.

If that scenario unfolds, the leading meme coin could seek support in the $0.11 range before generating a new buying momentum. This could lead to another significant swing high in the market. As depicted on the daily chart, DOGE is technically shifting trend with a higher high and higher low formation.

The bulls, on the other hand, are still in the game. If they manage to push above yesterday’s high, we can anticipate a bigger recovery to May’s high in the coming days. Despite appearing bullish on the daily chart, DOGE remains one of the market's top gainers in the past week of trading.

DOGE Key Levels To Watch

Now, the $0.15 level is posing a threat to the bulls amid consolidation. If the price breaks through this level, $0.175 would be the next target for a test. Higher resistance levels to watch for a rally are $0.21 and $0.229.

The $0.137 level has supported the market since last weekend. A drop below it could bring a little retest at $0.132 and $0.115. The main support level to watch for a crackdown is $0.1

Key Resistance Levels: $0.175, $0.21, $0.229

Key Support Levels: $0.132, $0.115, $0.1

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

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