DOGECOIN PRICE ANALYSIS: Can Bulls Hold the V-Top Reversal at $0.07400

On the weekly chart, Dogecoin is forming lower

highs with support near $0.07. If it breaks the support, the next long-term support is around $0.05, but if it forms lower lows, Dogecoin may turn long-term bearish, which is not a good sign.

Dogecoin price analysis shows that prices have fallen by 5.20 percent in the last 24 hours. The selling pressure appears to be continuing, as the market appears to be consolidating. Prices are presently testing the immediate support area of $0.06997. If prices go below this level, the market will be in a bearish trend.

The Dogecoin price analysis on the 4-hour chart for DOGE/USD shows that prices have been falling since 14th December trading session. The previous week, however, the bull was in control of the market as prices surged to a high of $0.0955. Prices have been falling steadily since the bearish momentum took control of the market.

The Dogecoin price has experienced severe outflow in the last three weeks as a result of the current crypto market sell-off. This drop sparked a V-top reversal from the $0.11 resistance, resulting in a 36.50% drop to the November support near $0.07000.

This V-top reversal has a mountain-like shape and indicates intense market selling. This rain fully wipes out the previous recovery cycle whitening that happened in late November. On December 19th, however, the price of this memecoin dropped by 12.00% near the major support.

The DOGE price is now trading between the 50 and 100 day simple moving averages. However, the price of DOGE is trading below $0.07600 and the 50 hour simple moving average.

An immediate resistance level is at $0.07600 on the upside. Near the $0.08000 level, the first significant barrier is forming. The main resistance is now emerging at the $0.08400 level. If the price breaks through the $0.08400 levels, it might start a rapid rise. In the scenario indicated, the price might steadily grow towards $0.09000.

If the DOGE price does not rise above $0.08000, it may start to decrease. On the downside, immediate support is seen at $0.07000. The primary support level is located between $0.06500. A break below $0.06500 may signal the start of a new decline towards $0.05000.

According to Price Analysis, this DOGE market capitalization is expected to be $9,834,113,894. The coin's 24-hour trading volume is around $673,749,332. The market capitalization of DOGE has fallen by 5.13%. During intraday trading, however, transaction volume rose by 134.19%.

KEY LEVELS :

RESISTANCE LEVEL : $0.07800-$0.08200

SUPPORT LEVEL : $0.07000-$0.06500

DOGE retested November's double bottom lows in the $0.0700 level, which also coincides with the key 78.6% Fibonacci retracement level down from the November highs near $0.1600 to the annual lows just under $0.0500. Will DOGE break through the $0.0700 level or reverse? Please share your thoughts.