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Dogecoin (DOGE) Still Conflicted, Looking for Directional Bias

Briefly –

  • DOGE price remains stuck in $0.182 – $0.160 barriers and contemplates which obstacle to break.
  • The meme coin might see a 12% fall before upward pressure materializes, following the rejection around the resistance of $0.182.
  • A lower low under $0.151 will nullify Dogecoin’s bearish thesis.

Dogecoin’s price actions within the past fourteen days leave the meme coin conflicted as it lacks the motivation to establish any directional bias. Failure to overcome an overhead resistance will witness the original dog coin retesting the closest support area.

DOGE Lacks Momentum

Dogecoin price saw positive developments on 14 December amid comments by Tesla executive Elon Musk. That had DOGE climbing by almost 42% within one day. The upward move had the crypto escaping a catastrophic fall. However, bulls could not sustain the remarkable run-up.

Since then, Dogecoin has been retracing, currently wavering inside the barrier at $0.182 – $0.160, showing inadequate momentum. Though DOGE will attempt to overcome the $0.182 obstacle, failure will catalyze a 12% retracement towards $0.160.

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As highlighted, this mark is critical and will define DOGE’s fate in the coming future. A buying pressure resurgence around this value area might trigger a slight 13% surge to $0.182. If more buyers join the party, Dogecoin might overcome $0.182 and explore higher levels of $0.211.

Meanwhile, the bullish case after the $0.160 retest depends on assumptions and optimism. This level might witness sideways moves, but a break below will mean an incoming bearish fate.

If the DOGE price reaction forms a 4-hour candle close beneath $0.151, a lower low will emerge, canceling the optimistic narrative. In such cases, Dogecoin might see further plunges, retesting the support level at $0.12.

Meanwhile, the crypto space wavers a bearish attitude today. Bitcoin failed to cross the $50K mark after a yesterday jump past $49K. While writing these updates, Bitcoin struggles at $48,550. Maintaining below the $50,000 psychological area will mean bearishness in the market. That can mean more headwinds for altcoin like Dogecoin, translating to drops. For now, Dogecoin might depend on broad markets trends to decide its direction.

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Stay tuned for the latest cryptocurrency news.


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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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