Dogecoin hit 2-month lows as its price dropped to $0.16 after wide correction in the crypto market. But Cryptocoin. com, which made a comeback, DOGE regained some of its lost ground. Since then, though, gains have been capped below the $0.28 mark. Since the rally, the coin’s price has mostly moved sideways. At the time of writing, DOGE is trading at $0.24. So, what can affect the price? Here are the comments of an analyst…
Which levels are important for Dogecoin (DOGE)?
According to analyst Saif Naqvi, DOGE could face a strong resistance level at $0.28 and reject further upsides. Interestingly, the analyst mentions that this region sees an interaction between the 12 hrs 200 SMA (green) and the 50-SMA (yellow). Analyst, 0.28-0. He states that a close above $30 could trigger the next rally in the market, but there is a lot of uncertainty going forward.
He also noted that while the DOGE is expected to move sideways, there is a possibility of a breakout, but the bullish momentum has weakened as the MACD is in a downtrend. On the downside, he pointed out that DOGE could drop to the low of $0.215 on May 19. “A safer bet would be to wait for stronger clues to occur before trading,” the analyst says.
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