The month of May has proven to be a huge disappointment for Dogecoin (DOGE). For a long time, Dogecoin’s trading price exhibited a low value at $0.125. It was one of the most critical support levels for the largest trading meme coin.
However, the situation turned very ugly as the bulls failed to compete with the bears at the $0.125 level. They had no choice but to give way, which resulted in pulling DOGE even lower than the particular price.
As per the graph, Dogecoin’s trading price went down by 35% in a matter of a few days. The fighting level of the bulls was retested at another strong support level. This time, it was the $0.11 mark that the bears brought DOGE down to. They gave a tough time to the bulls and made the situation worse for them.
Current Volatile Nature of Dogecoin
Just like the low trading price of Bitcoin (BTC), DOGE is also exhibiting a low trading price. The volatility is currently exhibited is also lower than the past occurrences.
As the bears continued dragging down the price of DOGE, they would have thought pulling DOGE lower than $0.08 would be an easy task as well. However, this time, the bulls were not ready to give up. They have kept the bears on their toes and they are constantly challenging them.
The trend shows that the bulls have successfully held the bears at the $0.08 support level. Despite the strong sentiments of the bulls, another dip in the trading price of DOGE is not out of the question.
What Does the $0.08 Support Level Signify
A look at the past performance and support levels for DOGE suggests that $0.08 had been one of the most recurring levels. If not the support level, then the $0.08 price has acted as the resistance level for DOGE in the past.
The past data shows that whenever DOGE exhibited a trading price of $0.08, it saw a vertical climb. This is a strong indication for Dogecoin that its price may grow stronger if the bulls are able to hold their ground at this level.
The Downward Trend and Support Levels for DOGE
From this point, if DOGE starts moving in the lower lane, then its price may dip to $0.066. The next low price Dogecoin may exhibit after being pulled lower from $0.66 would be $0.05. The analysis shows that the same low prices would act as the support levels for DOGE.
The Upward Trend and Resistance Levels for DOGE
If the bulls continue holding their ground at $0.08, Dogecoin may start climbing higher. Its ascending movement may bring it to $0.11. This would be the first resistance benchmark, followed by $0.14 and then $0.18