DOGE Price Faces Resistance and Dips Below Key Levels
After encountering resistance near the $0.1500 zone, Dogecoin’s price failed to sustain its upward momentum and has started a fresh decline, dropping below key support levels like $0.1450. Similar to other cryptocurrencies such as Bitcoin and Ethereum, DOGE is experiencing a downward trend in the market.
- DOGE price broke below the $0.1420 support level and the 100-hourly simple moving average.
- The price also dipped below the 50% Fib retracement level of the recent upward move from the $0.1337 swing low to the $0.1505 high.
- A significant bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair was breached during the decline.
Current Trading Situation of Dogecoin
Currently, Dogecoin is trading below the crucial $0.1450 level and the 100-hourly simple moving average. The support near $0.140 and the 61.8% Fib retracement level of the recent upward move are now being defended by the bulls.
In case of a potential recovery, the price may encounter resistance near $0.1420, followed by a key hurdle at $0.1450. A successful close above $0.1450 could pave the way for a move towards the $0.150 resistance level. Further gains could lead the price to test the $0.1632 level, with a possible target of $0.1720 for the bulls.
Possible Scenarios for DOGE Price
If Dogecoin fails to gather bullish momentum and struggles to surpass the $0.1450 resistance, it is likely to witness further downward movement. Initial support is anticipated near the $0.140 level, with a critical support level at $0.1375.
In the event of a breakdown below $0.1375, the price might extend its decline towards the $0.130 level. Technical indicators are painting a bearish picture for DOGE/USD as the Hourly MACD gains momentum in the bearish region and the Hourly RSI is below the 50 level.
Key Technical Levels for Dogecoin
- Hourly MACD – The MACD for DOGE/USD is showing increasing bearish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level, indicating a bearish sentiment.
- Major Support Levels – $0.1400, $0.1375, and $0.1300.
- Major Resistance Levels – $0.1450, $0.1500, and $0.1632.
Stay vigilant as the price action of Dogecoin unfolds in the coming sessions, with key support and resistance levels playing a crucial role in determining the future trajectory of the cryptocurrency.
Hot Take: Keep an Eye on DOGE’s Price Movements
Given the current market scenario and technical indicators pointing towards a bearish trend for Dogecoin, it is essential to monitor the price movements closely. As key support and resistance levels come into play, traders and investors need to stay informed to make strategic decisions regarding their positions in DOGE.
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