DOGE Faces Resistance After Failed Attempt to Break $0.230
Following a steady climb, Dogecoinโs price recently made a push above the $0.230 mark. However, the attempt to surpass $0.225 proved unsuccessful, resulting in a correction. A peak was reached at $0.2294 before a downward trend began, mimicking the drop in Bitcoin and Ethereum prices.
As a result, the price fell below key support levels at $0.2050 and $0.200. Additionally, it dipped below the 23.6% Fibonacci retracement level from the recent low of $0.1228 to the high of $0.2294.
Bearish Trend Emerging in DOGEโs Price Action
The 4-hour chart for the DOGE/USD pair showed a crucial break below a bullish trend line at $0.2040. Despite this, Dogecoin managed to hold above the $0.1750 support level and the 100 simple moving average (4 hours).
Price Outlook for DOGE
- The $0.1950 level poses a significant resistance for Dogecoinโs price.
- If it breaks past this, the next hurdle will be at $0.200.
- A successful breach above $0.200 could propel the price towards $0.2150.
- Further gains may lead to a test of the $0.2300 resistance level.
Potential Downward Movement for DOGE
If Dogecoin fails to gain momentum above $0.200, a continuation of the downward trend is likely. Initial support is expected near $0.1820, followed by stronger support at $0.1750 or the 50% Fibonacci retracement level.
A break below $0.1750 could trigger further declines, potentially leading the price towards the $0.1480 level.
Key Technical Indicators for DOGE
- 4 Hours MACD: Showing increasing bearish momentum for DOGE/USD.
- 4 Hours RSI: Below the 50 level, signaling a downward trend for DOGE/USD.
For DOGE:
- Major Support Levels: $0.1820, $0.1750, $0.1480
- Major Resistance Levels: $0.2000, $0.2150, $0.2300
Hot Take: Assessing DOGEโs Price Movement
As Dogecoin struggled to break the $0.230 mark and faced resistance, its price underwent a correction, dropping below key support levels. Despite maintaining levels above $0.1750 and the 100 simple moving average, the bearish sentiment is evident on the 4-hour chart for DOGE/USD.
With resistance looming near $0.1950 and possible downtrends if the $0.200 level isnโt breached, Dogecoinโs price movement remains uncertain. Traders should monitor key support levels at $0.1820 and $0.1750, while keeping an eye on resistance levels at $0.2000, $0.2150, and $0.2300 for potential breakout opportunities.
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