Dogecoin slightly receded on its chart after displaying bullish momentum. Today most of the market movers were seen in the red. Currently, DOGE has found support near the $0.06 region, a while back the meme-coin had traded a little above the $0.07 price mark.

The technical analysis of the coin still points towards a chance of bulls reclaiming levels above the $0.07 mark. Bitcoin too retraced over the last 24 hours and was priced at $22,000. Most altcoins follow the same price trajectory.

Buying strength faded on the chart but buyers still outnumbered sellers in the market at press time. If Dogecoin continues on its present price trajectory then soon buying strength will be replaced by selling strength.

DOGE displayed a relief rally and there is always a chance of retracement before the coin again moves on the upside. It is to be seen if Dogecoin reclaims higher levels, however, buying strength remains crucial at this junction for the meme-coin.

Dogecoin Price Analysis: Four Hour Chart

Dogecoin was priced at $0.686 on the four hour chart | Source: DOGEUSD on TradingView

DOGE was trading at $0.0686 after the slight retracement as seen at the time of writing. The coin has managed to secure its position on the $0.0600 support line. The overhead resistance for the coin was at $0.0726, moving above which it could witness some resistance at $0.0781.

If the coin picks up momentum then it could even trade above the $0.0840 mark. Further southbound movement, can push Dogecoin to $0.0575 and then below the support level of $0.0500. Trading level of Dogecoin fell indicating a fall…

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