The meme-inspired cryptocurrency Dogecoin (DOGE) has garnered substantial attention and inspired a wave of other animal-themed coins in the crypto space. Initially created as a light-hearted joke, these meme coins have surprisingly gained immense popularity in recent times.
Early investors in DOGE witnessed significant returns, with some making millions. However, the current state of DOGE is not as favorable. As per CoinMarketCap data, on the 19th of July 2023 Dogecoin was trading at $0.06982, down by 90.5% from its all-time high of $0.7376.
According to the latest charts, Dogecoin is hovering between critical support and resistance levels. On a weekly time frame technical analysis, DOGE’s price has been following a descending resistance line since it reached its peak value of $0.739 in May 2021. This downward trend led to a low point of $0.049 in June 2022.
Dogecoin hasn’t surpassed the long-term descending support level
Following the decline, DOGE has climbed to recovery above the $0.06 support level. However, Dogecoin has not shown enough bullishness to breach the long-term descending critical resistance line. The resistance line has been persistent for over 805 days.
The daily time frame analysis also presents conflicting readings, particularly concerning the price action of DOGE. Recent movement indicates that the price has surpassed the $0.065 support. The analysis also shows that DOGE is trading below the crucial resistance level and above the crucial support level. There was a 4% surge in the price of DOGE following Musk’s recent tweet:
Doges ftw pic.twitter.com/bl0trQ7BdU— Elon Musk (@elonmusk) July 19, 2023