Dogecoin Nears Key Support as Bullish Momentum Wanes

• If the price goes up, the immediate resistance is around the $0.2250 level.
• If the price goes down below $0.2135, it indicates a downtrend, further dragging the price to another immediate support at $0.20126. 

The largest memecoin by market capitalization, Dogecoin (DOGE), was hovering around $0.2176, showing a 0.82% loss in the past 24 hours. The coin started this week at a price of $0.2405 and has been down 8.96% since then. 

Dogecoin has also witnessed an intraday high of $0.2372 and an intraday low of $0.2169. The market capitalization has shed slightly by 0.14% in the past 24 hours and is currently standing at $32.66 billion. 

The 24-hour trading volume is 109.59% up with $2.78 billion, indicating a strong market activity. However, the 4-hour chart indicators show a strong sell situation, driven by the recent slide in the price of the memecoin. 

It clearly shows that Dogecoin (DOGE) is peeling off the bullish momentum it continued in late April and early May. If we go through the technical analysis, it shows that the memecoin is trading just near a key support level that somehow keeps it away from a downtrend. 

The coin fell hard at the beginning of this year and also went down to $0.13 in early April. However, after this, it managed to skyrocket, and the price reached $0.26 on May 11. 

The Immediate Resistance and Support Levels

If the price goes up, the immediate resistance is around the $0.2250 level. The first significant resistance for the bulls could be around the $0.2320 mark, followed by another significant resistance at the $0.2380 level. 

Having further gains could lead the price towards the $0.2720 level, and above that, the bulls might witness the $0.2850 mark. Furthermore, if the table is turned, the support level of $0.2145 and $0.2135 will hold back the price. 

If the price goes down below $0.2135, it indicates a downtrend, further dragging the price to another immediate support at $0.20126 and $0.19298. 

The Relative Strength Index (RSI) sustains at 56.25, indicating a neutral state. The Exponential Moving Average of 50, 100, and 200 days is at $0.19594, $0.20635, and $0.21682, respectively. 

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