Dogecoin (DOGE) Under Threat, Downside Thrust Could Trigger Selloff
Analysis
Price Impact
HighThe article suggests a potential for a significant price drop in dogecoin, citing technical indicators and price action suggesting a breakdown below key support levels. a failure to hold above $0.0918 could lead to substantial losses.
Trustworthiness
HighPrice Direction
BearishThe price is currently trading below crucial moving averages and trendlines, with bearish signals from macd and rsi. a break below the $0.0850 support level could trigger a significant selloff towards $0.0800 or $0.0750.
Time Effect
ShortThe analysis focuses on immediate support and resistance levels and the potential for a near-term breakdown, indicating that the described price movements are expected to occur relatively quickly if the bearish trend continues.
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 $0.0920 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.0920 and $0.0925. DOGE price started a fresh decline below the $0.0912 level. The price is trading below the $0.0905 level and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $0.0918 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if it stays below $0.0920 and $0.0925. Dogecoin Price At Risk of Major Breakdown Dogecoin price started a fresh decline after it closed below $0.0920, like Bitcoin and Ethereum . DOGE declined below the $0.0912 and $0.0905 support levels. The price even traded below $0.090. A low was formed near $0.0899, and the price is now showing bearish signs. There was a recovery wave above $0.0900, but the price stayed below the 23.6% Fib retracement level of the downward move from the $0.0935 swing high to the $0.0899 low. Dogecoin price is now trading below the $0.0905 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.0912 level. The first major resistance for the bulls could be near the $0.0918 level and the 50% Fib retracement level of the downward move from the $0.0935 swing high to the $0.0899 low. There is also a bearish trend line forming with resistance at $0.0918 on the hourly chart of the DOGE/USD pair. Source: DOGEUSD on TradingView.com The next major resistance is near the $0.0925 level. A close above the $0.0925 resistance might send the price toward the $0.0950 resistance. Any more gains might send the price toward the $0.0980 level. The next major stop for the bulls might be $0.10. More Losses In DOGE? If DOGE’s price fails to climb above the $0.0918 level, it could continue to move down. Initial support on the downside is near the $0.090 level. The next major support is near the $0.0880 level. The main support sits at $0.0850. If there is a downside break below the $0.0850 support, the price could decline further. In the stated case, the price might slide toward the $0.0800 level or even $0.0750 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.0900 and $0.0880. Major Resistance Levels – $0.0918 and $0.0925.