Biggest Meme Coin DOGE Performance Under Scrutiny

With a market cap of almost $21.5B, Dogecoin ranks as the 8th biggest cryptocurrency in the world. The trading volume of the meme coin is almost $1.15B, but the DOGE price struggles to rise. With a pullback phase in motion, it registers a 25% drop in 30 days.

The pullback phase forms a falling channel pattern in the daily chart, and the solid resistance trendline leads to the third reversal. This undermines the secondary resistance trendline breakout and tests the $0.14 mark.

With three bearish days, the meme coin completes a triple bearish crow pattern at a crucial resistance zone. Thus, the short and medium-term price action reflects a surge in supply pressure.

However, a bullish comeback from the 38.20% trend-based Fibonacci level could instantly revert the sentiments. A breakout rally will potentially pump the DOGE price higher to the $0.2290 mark.

On the flip side, the $0.1226 demand zone is a critical support known for multi-contact reversals in recent times.

Read full analysis of MEME coins : https://coinpedia.org/price-analysis/will-these-top-meme-coins-perform-in-may/