In a somewhat contrasting performance, Bitcoin tried to get itself above the $44,4k resistance point a couple of hours ago. In the previous weeks, Bitcoin had experienced a steady rise in value, which saw the altcoin market gain from the bullish moves.
Meanwhile, Dogecoin managed to turn over its poor performance by pulling itself above the $0.14 mark to ensure the continuous movement between supply and demand and vice versa. Once the price reaches the $0.17 to $0.19 range, buyers will step in and take a plunge. By doing so, purchasing the token might serve as a buffer toward making the Dogecoin regain its value in no time.
The levels of the DOGE movement have been a whirlwind of events, seeing it swing high for some time, turn low, and back to the high level again. The frequent moves indicate Dogecoin’s continuous downward movement pattern from the $0.73 high it attained in May 2021.
Even at the $0.17 mark, which is regarded as a high volume trading stage in the last couple of months, the DOGE might encounter some difficulties as it tries to crawl back to the top of the market value. Another thing to consider is that, given the DOGE’s recent losses spanning some months, the coin may need some time to recover from the enormous setbacks it suffered previously.
There is, however, something to be optimistic about a likely comeback from DOGE, seeing the bulls rally at the $0.14 mark to signal a level of support, considering that the same $0.14 level was what offered some form of resistance in the previous period of struggles.
Moreover, should the price reach $0.19, it will face intense pressure from sellers as it has not closed above its mark and served as support since December last year.
The relative strength index (RSI) was fast approaching 70 before the DOGE took a dip, which halted the RSI indicator’s movement forward. Interestingly, any adverse outcome could be averted if only there were bullish pressure from the onset of the price decline. Therefore, it would become a guessing game for anyone to say whether the RSI can stay above its current level or move higher than 70.
It is worth noting that the past few days have recorded large transactions, making the slightest market rally appear as an actual demand. The explanation is that it is too early to make any statement out of the changes. The direction so far has pointed to an ongoing strong bullish trend.
Following the analysis, as mentioned above and the recent upward trend, it is not yet clear if Dogecoin will pull itself together and find its way above the $0.19 level. Because reaching the specified level would undoubtedly make a difference in the recovery of the DOGE in the marketplace.
As of press time, the two levels, $0.17 and $0.19 are considered significant recovery levels should the coin make any attempt to reach or surpass them.