Can DOGE hold $0.219 support?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• DOGE has remained in its downtrend since the start of the year, and the rice broke out to the upside recently.
• Price couldn't sustain a breakout and probably rejected the first potential stumbling block, which was the local horizontal resistance at $0.285. The price is now back towards the lows.
• If $0.24 can't hold as local support, then the support area of $0.20 to $0.21 will likely be tested in the coming weeks and months. We're expecting this to happen.
• The RSI is still in a downtrend, and it's not far away from being oversold, whilst it's also sat on top of its moving average. This may mean we can see some upside. But, it's not a strong enough signal, until we see a breakout of the RSI downtrend line, which is still a while away.

• Next Support: $0.219
• Next Resistance: $0.285
• Direction: Bearish
• Upside Target: $0.285
• Downside Target: $0.20

Cryptonary's take

We're watching DOGE closely as this is one of our main gauges as to whether Alts/memes can start moving more aggressively again. In the short term, we are expecting more downside, and we do see the $0.20 to $0.22 levels as likely to be retested.

For now, we'll remain patient and see if we're right on our thesis. And if we are, we'll come back and reassess as to whether we take action on DOGE in and around the $0.20 levels.