Dogecoin (DOGE) Turns Lower, Downside Risk Builds Rapidly
Analysis
Price Impact
MedThe article suggests a short-term bearish trend for doge, indicating a potential for further price declines if key support levels are broken. however, it also outlines potential upside if resistance levels are overcome, suggesting a mixed short-term outlook.
Trustworthiness
HighPrice Direction
BearishThe article highlights a 'fresh downside correction,' a 'bearish trend line,' and 'more losses' as potential scenarios if support at $0.0900 is breached, with rsi below 50 further supporting a bearish short-term outlook.
Time Effect
ShortThe analysis focuses on hourly charts and immediate support/resistance levels, indicating that the described price movements are expected in the short 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 corrected some gains from the $0.0960 zone against the US Dollar. DOGE is now holding the $0.0900 support and remains at risk of more losses. DOGE price started a fresh downside correction below $0.0950. The price is trading below the $0.0930 level and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $0.0925 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could aim for a fresh increase if it remains stable above $0.090. Dogecoin Price Trims Gains Dogecoin price started a downside correction after it failed to surpass $0.0960, like Bitcoin and Ethereum . DOGE declined below the $0.0950 and $0.0940 levels. There was a move below the 50% Fib retracement level of the upward move from the $0.0899 swing low to the $0.0960 high. Besides, there is a bearish trend line forming with resistance at $0.0925 on the hourly chart of the DOGE/USD pair. The price even spiked below $0.0920 before the bulls appeared. Dogecoin price is now trading above the $0.090 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.0920 level. Source: DOGEUSD on TradingView.com The first major resistance for the bulls could be near the $0.0925 level and the trend line. The next major resistance is near the $0.0935 level. A close above the $0.0935 resistance might send the price toward $0.0950. Any more gains might send the price toward $0.0980. The next major stop for the bulls might be $0.10. More Losses In DOGE? If DOGE’s price fails to climb above the $0.0925 level, it could continue to move down. Initial support on the downside is near the $0.0912 level or the 76.4% Fib retracement level of the upward move from the $0.0899 swing low to the $0.0960 high The next major support is near the $0.0910 level. The main support sits at $0.090. If there is a downside break below the $0.090 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level. Any more losses might call for a test of $0.0850. 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 – $0.0910 and $0.0900. Major Resistance Levels – $0.0925 and $0.0935.