Dogecoin (DOGE) Red Prints Return, Resistance Could Cap Any Recovery
Analysis
Price Impact
HighDogecoin has experienced a fresh decline, falling below crucial support levels such as $0.1350, $0.1300, and $0.1250. it is currently consolidating losses with strong resistance at $0.1350, suggesting a significant bearish movement.
Trustworthiness
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Price Direction
BearishDoge price is trading below the $0.130 level and the 100-hourly simple moving average, showing bearish signs. failure to break above resistance levels at $0.1300 and $0.1350 could lead to further declines towards $0.120 and potentially $0.1150.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support and resistance levels, and near-term price movements, indicating potential further declines 'in the near term'.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Dogecoin started a fresh decline below the $0.1320 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1350. DOGE price started a fresh decline below the $0.1250 level. The price is trading below the $0.130 level and the 100-hourly simple moving average. There is a connecting bearish trend line forming with resistance at $0.1350 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if it stays below $0.1300 and $0.1350. Dogecoin Price Dives Below Support Dogecoin price started a fresh decline after it closed below $0.1350, like Bitcoin and Ethereum . DOGE declined below the $0.1300 and $0.1250 support levels. The price even traded below $0.120. A low was formed near $0.1154, and the price is now showing bearish signs. There was a recovery wave above $0.1220. The price cleared the 23.6% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1154 low. Dogecoin price is now trading below the $0.130 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.130 level. The first major resistance for the bulls could be near the $0.1330 level or the 50% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1154 low. The next major resistance is near the $0.1350 level and trend line. Source: DOGEUSD on TradingView.com A close above the $0.1350 resistance might send the price toward the $0.1380 resistance. Any more gains might send the price toward the $0.140 level. The next major stop for the bulls might be $0.1420. More Losses In DOGE? If DOGE’s price fails to climb above the $0.1300 level, it could continue to move down. Initial support on the downside is near the $0.1250 level. The next major support is near the $0.1220 level. The main support sits at $0.120. If there is a downside break below the $0.120 support, the price could decline further. In the stated case, the price might slide toward the $0.1150 level or even $0.1135 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1250 and $0.1220. Major Resistance Levels – $0.1300 and $0.1350.