DOGE Faces Rejection at Key Resistance Level, Eyes Move Towards Previous Lows
Popular meme coin, Dogecoin, recently experienced a setback as it was rejected at a significant resistance level of $0.1293. This rejection has prompted the crypto asset to embark on a fresh downward trajectory towards its previous low of $0.0914. With DOGE unable to surpass the $0.1293 barrier, there is growing speculation among market participants about the future direction of the digital asset.
Current Price Movement Analysis
Currently trading at around $0.121, DOGE has seen a 1.85% increase and boasts a market capitalization exceeding $17 billion. The trading volume has also surged past $1 billion as of now, with a 24-hour market cap and trading volume spike of 1.83% and 73.09% respectively.
Assessing DOGE’s Recent Market Performance
- The 4-hour chart reveals Dogecoin trading below a bearish trendline, exhibiting bearish momentum following the rejection at $0.129.
- There are indications that the digital asset might uphold its bearish stance, potentially extending its decline towards the $0.1144 support level.
Technical Indicator Insights
The 4-hour Composite Trend Oscillator hints at a possible continuation of bearishness for DOGE, with the signal line dipping below the SMA in the overbought territory, signaling a potential exit from this zone.
On the 1-day chart, the crypto asset is swiftly declining post the failed attempt to breach $0.129 and the 1-day bearish trendline. It remains below the 100-day SMA, showing a strong bearish momentum as it gears towards the $0.114 support level.
- Both the signal line and the SMA are showing signs of exiting the oversold zone, which could indicate a short-term observation as further bearish pressure may emerge.
Identifying Potential Support Levels for DOGE
Currently, the focus lies on Dogecoin descending towards the $0.1144 support level. A breach below this point would steer the asset towards the $0.0914 support level. Continued downside momentum could lead DOGE to test the $0.0745 level and potentially lower zones.
- In the event that DOGE hits the $0.1144 support level and experiences a rejection, it could rally towards the $0.129 resistance mark. Further upward movement may see the crypto asset aiming for the $0.1491 resistance threshold and beyond, should it surpass the $0.129 level.
Hot Take: DOGE’s Path Amid Rejection and Bearish Momentum
With Dogecoin encountering a rejection at the crucial $0.1293 resistance level, its subsequent price actions suggest a downward trajectory towards previous lows. Technical indicators hint at a potential continuation of bearish momentum, with key support and resistance levels coming into play to determine the asset’s future moves.
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