Dogecoin (DOGE) Price Analysis: Will the Bulls Regain Control After Last Week's Bloodbath?

The past week's reductions led many altcoins in a serious bearish condition with Doge posting a huge loss throughout the week. But it started this week strong and now shows signs of recovery daily.

Doge price analysis shows signs of recovery after last week’s bearish pressure. Currently, DOGE is leading the meme coin pack with a 10% daily gain.

Despite the recent drag down, Doge encountered minimal drops and managed to stay afloat above the $0.3 price level. This week began on a strong note for Doge, with the price rising steadily each day. Compared to other meme coins, which saw severe losses of up to 30%, Doge’s drops were relatively smaller.

The past week saw a serious bearish trend, led by Bitcoin’s rejection at $52K, which brought another round of panic and fear among traders. This led to a market sell-off and a total loss of over $100 billion in the crypto market. Several meme coins suffered heavily, and Doge bulls also had a tough time.

As Doge price dropped and approached the crucial $0.3 support, traders panicked and sold their holdings, which brought a strong rejection from that level. Later, Doge price closed the week weak afterܞ rejecting a lower low at $0.31.

However

This week began positively following that rejection, and the price rose to test a daily high of $0.355. This brought a recovery of over 10%, and as we can see, the market is painting green today. A strong daily close today should allow for further recovery.

However, if the bears intercept the current recovery, driving the price south again, we can expect a deeper correction once the price breaks below the monthly low. This should initiate a broader correctional phase.

With that said, the bulls are more likely to have an upper hand, considering the setup. But regardless of that, the overall market is still bullish as it slowly rallies up for another round of rally.

DOGE’s Key Level To Watch

DOGE price began this week testing a crucial daily support at $0.345, which acted as resistance during the last attempt at breaking higher. Later, as the price rose and closed above this level, it turned into a support, pushing the price higher from there.

On the other hand, the first key resistance is now the daily pivot at $0.355, followed by the 50 Fib Retracement at $0.36. If DOGE price manages to break above the pivot, we can expect a further recovery toward the Fib Retracement level.

Afterward, the next key resistance is the previous weekly high at $0.4, which is followed by the 100 Fib Retracement at $0.42. A break out of this resistance will confirm a new bullish phase to $0.6 and above.

On the contrary, the first key support is the daily pivot at $0.345, followed by the 38 Fib Retracement at $0.33. If DOGE price fails to hold above the pivot, we can expect a deeper correction toward the Fib Retracement level.

Afterward, the next key support is the monthly pivot at $0.29, which is followed by the 23 Fib Retracement at $0.27. A break below this support will invalidate the bullish outlook and initiate a bearish correction.

Finally, the correction appeared to have ended. If it resumes with a crack below the monthly $0.262 low, the potential support levels for an extension would be $22 and $0.18.