DOGE Price Faces Resistance, Initiates Fresh Decline
Following a brief recovery, the price of Dogecoin encountered a barrier near the $0.1285 mark, failing to sustain upward momentum and prompting a new downtrend from the $0.1285 peak, akin to the patterns observed in Bitcoin and Ethereum.
The price dipped below the $0.1250 support threshold as well as the 100-hourly simple moving average, descending below the 23.6% Fib retracement level of the previous upward movement from the $0.1129 swing low to the $0.1285 high. Nevertheless, bullish activity is now evident in the vicinity of the $0.1220 barrier.
Currently, Dogecoin is situated below the $0.1250 level along with the 100-hourly simple moving average. In addition, an essential rising channel or bearish flag pattern appears to be developing, with support estimated near $0.1220 on the hourly DOGE/USD chart.
- If there is an upturn, the price may encounter resistance near the $0.1260 mark.
- Subsequently, the next primary resistance is positioned close to $0.1285.
- A breakthrough above the $0.1285 hurdle could propel the price towards the $0.1350 resistance level.
- Further gains might direct the price to the $0.1420 mark, with significant bullish potential up to $0.150.
Potential for Further Downside in DOGE Price
If the price of DOGE fails to surge past the $0.1285 threshold, there is a likelihood of continued downward movement. Initial support awaits near the $0.1220 level. Following that, a critical support level is identified at approximately $0.1185.
In the event of a breach below the $0.1185 support, the price may witness further decline, possibly dipping towards the $0.1120 mark.
Key Technical Indicators for DOGE
- Hourly MACD β The MACD signal for DOGE/USD is currently demonstrating increasing momentum within the bearish region.
- Hourly RSI (Relative Strength Index) β The RSI indicator for DOGE/USD has dipped below the 50 level.
- Major Support Levels β $0.1220, $0.1185, and $0.1120.
- Major Resistance Levels β $0.1260, $0.1285, and $0.1320.
Hot Take: Dogecoin’s Price Outlook
As Dogecoin continues to exhibit resistance near the $0.1285 level amid a fresh decline, the potential for the price to further subside remains palpable. With key support levels identified at $0.1220 and $0.1185, a breach below these thresholds could trigger additional downward movement towards the $0.1120 mark. Traders are advised to carefully monitor price developments and technical indicators for insights into possible future price actions.
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