Popular meme coin #Dogecoin ($DOGE ) found strong support at $ 0.215 with a sharp decline and managed to attract buyers' attention again.
While the sharp movements experienced by Dogecoin (#DOGE ) in recent days have made investors nervous, the bulls stepped in again with the price recovering from critical support points. DOGE, which started at $ 0.237 and fell to the right of 0.214 with a 9.7% decrease in a short time, faced serious buying pressure at this level. According to CoinDesk Research, the $ 0.212-0.217 range currently stands out as a solid defense zone for DOGE.
According to technical indicators, Dogecoin is moving within a falling channel and there is intense selling pressure at $ 0.235 in the upper region. However, the rapid recovery experienced in the recent period gives positive signals for the indicators. The V-shaped reversal formation, especially seen where more than 10 million trading volume is created, increases the possibility of a short-term increase.
Critical levels for Dogecoin
According to technical analysts, Dogecoin is currently moving within a falling wedge formation.
This structure is generally considered a bullish signal if the upper resistance line in the price is broken. While it is wondered whether the DOGE price will break the short-term resistance line at $ 0.219-0.220, it is possible for it to rise to the $ 0.235-0.244 band with a permanent move above this level. However, if the support systems are lost, it is also possible for prices to fall rapidly by 0.20 or even lower by 0.185.