Is Doge on the Road to Recovery? Examining Dogecoin Price and Predictions (May 18th) Following Weeks of Decline and Current Support Levels.
Dogecoin has been experiencing bearish trends over the past few weeks. Despite other meme coins experiencing a massive gain, Dogecoin has yet to reverse the trend after dropping last month. After breaking out of an important resistance line on April 3, the asset encountered resistance and sharply rejected the $0.105 level. This rejection led to weeks of bearish actions, bringing the price down to a low of $0.692 this week, retesting the resistance line as support. Currently, the trading volatility is low and there is little to expect due to the current calmness across the market. The daily chart shows that a surge in volatility would determine whether the leading meme coin will recover or extend bearishness. Regaining momentum may lead to a quick push above a close resistance level of $0.0727 and, in turn, allow buying at prices of $0.079 and $0.085. If the bearish action continues, the price could slip to the $0.068 support level, with lows of $0.0627 and $0.06 being reached. It remains to be seen whether Dogecoin will recover or continue the bearish trend. However, investors are warned to always research before investing in any cryptocurrency or service.
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