Dogecoin Price Analysis: DOGE Extends Losses, More Downside Possible
Currently, Dogecoin (DOGE) is trading in a bearish zone below $0.072 against the US dollar. The price is well below the $0.070 zone and the 100 simple moving average (4 hours). On the 4-hours chart of the DOGE/USD pair, there is a key bearish trend line forming with resistance near $0.071.
Main Breakdowns:
- After facing rejection near $0.078, DOGE started a fresh decline, trading below the $0.0720 support zone.
- The price settled below the $0.070 level and tested the $0.065 zone.
- DOGE is now trading well below the $0.070 zone and the 100 simple moving average (4 hours).
- The price faces resistance near the $0.0685 level, with the first major resistance near $0.070 or the trend line.
- A close above the $0.072 resistance could send the price toward the $0.075 resistance.
If DOGE fails to gain pace above the $0.0720 level, it might continue to move down. The initial support is near the $0.0655 level, followed by the $0.0632 level. Further downside potential could lead to a decline toward the $0.060 level.
Technical indicators show that the MACD for DOGE/USD is gaining momentum in the bearish zone on the 4-hours chart. The RSI for DOGE/USD is below the 50 level.
Hot Take: Dogecoin’s price is currently in a bearish zone, with the potential for more losses if it fails to gain momentum above $0.072. Resistance levels to watch out for are $0.070 and $0.072, while support levels are at $0.0655, $0.0632, and $0.0600.
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