Dogecoin’s strongest support broke for the second time in 2020

Dogecoin’s strongest support broke for the second time in 2020
Written by:
Ali Raza
1st July, 13:13
  • Dogecoin has seen several surges and crashes in 2020, usually while following the rest of the market.
  • While the coin's strongest support managed to stabilize it for the past two months, it finally broke again.
  • DOGE's short-term future remains unknown, as the coin could keep dropping, or bounce back up.
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Dogecoin (DOGE) has had a tough year so far, although better than some cryptos. Even so, it saw its strongest level break twice in only a few months, although it still has a chance to fix things and go back up.

Dogecoin in 2020

Doge started the year relatively low, considering the levels at which it spent most of it. It started with a price of $0.00201, although it did not wait for long before seeing a surge to a strong resistance at $0.0024.

This level is the one to which the price kept returning and revolving around throughout the year, but throughout January, it acted as an unbreachable resistance.

Finally, in early February, DOGE surged alongside the rest of the market., and like most other coins, it hit its YTD peak. It happened on February 9th, while most others hit their respective peaks on February 11th. DOGE reached a height of $0.0034, which was quite a surge at the time.

Unfortunately, it didn’t last very long, and the price quickly crashed back down. This time, however, $0.0024 acted as a strong support, and while DOGE broke a few smaller supports along the way, this one managed to make its price bounce back up.

DOGE during and after mid-March crash

Unfortunately, just as DOGE was trying to stabilize, the mid-March price crash took place, causing the coin to sink to its yearly bottom at $0.0015. This was the lowest level that DOGE had seen in a while, although it did not stick to it for long.

After two weeks of struggling to step away from this bottom, Dogecoin started breaking resistances, including the one at $0.0018. What followed was a strong surge that took it back up to $0.0024 by late April, and DOGE broke this resistance once again.

Since then, DOGE sat above this level for almost two full months, trapped between this resistance-turned-support, and a strong resistance at $0.0026.

This changed yet again around June 10th, when DOGE started dropping once more, and even its strongest support was not able to stop its crash. It broke around June 26th, letting Dogecoin drop below it once more. At the time of writing, DOGE is dropping by 0.77% against USD, and 0.75% against BTC. Its price is at $0.0023 at the time of writing.

Conclusion

While Dogecoin’s price right now seems to be going down, the coin will likely turn the tables again in the near future. If so, this crash might be seen as a discount on its price, at least by those who were hoping to buy Dogecoin (DOGE) at a cheaper rate.

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