Dogecoin Price Faces Resistance and Corrects Losses
Despite attempting to surpass the $0.0635 level, Dogecoin (DOGE) experienced a fresh decline. The price dropped below $0.0612 and even dipped below $0.060. However, it has since formed a low around $0.0593 and is currently undergoing a correction, similar to Bitcoin and Ethereum.
DOGE managed to climb above the $0.0602 level, surpassing the 23.6% Fib retracement level of its downward move from the $0.0634 swing high to the $0.0593 low.
Presently, DOGE is trading below the $0.0615 level and the 100 simple moving average (4 hours). On the upside, it faces resistance near the $0.0610 level, where a key bearish trend line is forming on the 4-hour chart of the DOGE/USD pair.
The initial major resistance lies at around $0.0615, close to the 50% Fib retracement level of its downward move from the $0.0634 swing high to the $0.0593 low.
Source: DOGEUSD on TradingView.com
If DOGE fails to gain momentum above the $0.0612 level, it may undergo another decline. The first support on the downside can be found near $0.060, followed by a major support at approximately $0.0595.
In case of a downside break below the $0.0595 support, further decline is possible, with the price potentially reaching the $0.055 level.
Technical Indicators and Support/Resistance Levels
The MACD for DOGE/USD on the 4-hour chart is currently showing a loss of momentum in the bearish zone. The Relative Strength Index (RSI) for DOGE/USD is hovering around the 50 level.
Key support levels include $0.060, $0.0595, and $0.0550, while major resistance levels are at $0.0612, $0.0635, and $0.0650.
Hot Take: DOGE Price Struggles to Surpass Resistance Levels
Dogecoin’s price faced resistance as it attempted to break through key levels. While there was a brief correction, DOGE remains below crucial resistance points at $0.0615 and $0.0620. This suggests that the price could continue to struggle in its upward movement.
On the other hand, if DOGE manages to surpass these resistance levels, it may rally towards $0.0635 and even reach a major resistance at $0.0650.
However, if the price fails to gain momentum above $0.0612, it might experience another decline. The first support lies at $0.060, followed by a major support near $0.0595.
Overall, DOGE’s ability to surpass resistance levels will determine its future direction in the market.
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