Dogecoin is a cryptocurrency that originated in late 2013 as a parody of Bitcoin and other cryptocurrencies. The coin ammassed a cult following and has become a mainstay of the cryptocurrency world despite its humorous origins. Dogecoin has shown resilience even in the cryptocurrency bear market – even though its down by 66% on the year, DOGE has outperformed many “serious” cryptocurrencies in the same time period, including several top coins.

Currently, DOGE is the 22nd largest cryptocurrency by market cap ($223 million). $10 million worth of Dogecoin has changed hands across cryptocurrency exchanges in the last 24 hours, and the coin is down by 1.6% on the day.

Dogecoin price analysis

A look at the daily Dogecoin chart using Bittrex price data reveals that DOGE has broken out of a downtrend against USD (pink line) that has been in effect since December 21, although unconvincingly. The $0.002 support that was established before the coin’s December 17 rally has now turned into resistance (middle blue line).

If DOGE can’t break the $0.002 resistance, a return to its 2019 low of $0.00175 (lower blue line) could be in play, and the 2019 low is a key level to monitor if the cryptocurrency market takes a substantial bearish turn.

Prior to the December 17 surge, DOGE was trading between $0.002 and $0.0023 for almost three weeks. If the coin convincingly surpasses the $0.002 resistance, $0.0023 (upper blue line) will be the key level to watch out for.

Dogecoin technical indicators