Dogecoin is currently facing bearish signals below the $0.150 resistance level in comparison to the US Dollar. This being the case, there is a possibility that the price could decline even further if it breaches the $0.140 support level. The price is on a downward trend and is currently trading below the $0.1450 level as well as the 100-hourly simple moving average.
Fresh Decline
Despite experiencing a significant surge, Dogecoin’s price encountered a barrier near the $0.150 zone. This has led to a decline below $0.1450 alongside Bitcoin and Ethereum. The price also went below the $0.1420 support level, the 100-hourly simple moving average, and the 50% Fib retracement from the $0.1337 swing low to the $0.1505 high. A key bullish trend line with support near $0.1425 was also broken, causing the price to dip further. At present, Dogecoin is being traded below the $0.1450 level and the 100-hourly simple moving average.
In order for Dogecoin’s price to gain positive momentum and rise, it needs to stabilize above the $0.1450 level. This is crucial for its bullish advancement. A continued move higher might encounter resistance around the $0.1420 level, with a significant barrier existing near the $0.1450 level. If the price manages to surpass the $0.1450 resistance, it could potentially reach the $0.150 resistance and further ascend towards $0.1632. Any additional gains might propel the price towards $0.1720, a significant target for the bulls.
Should Dogecoin fail to achieve upward momentum beyond the $0.1450 level, it is likely to continue moving down. The initial support stands at around $0.140, followed by a major support near $0.1375. If the price breaks below $0.1375, it could further decline towards the $0.130 level. Technical indicators such as the MACD for DOGE/USD are currently gaining momentum in the bearish zone, indicating a potential downtrend. Additionally, the RSI for DOGE/USD is below the 50 level, further reinforcing the possibility of a continued decline.
The current status of Dogecoin’s price indicates a bearish trend, with key resistance levels and potential support zones clearly defined. It is crucial for investors and traders to closely monitor these levels and indicators to make informed decisions regarding their positions in Dogecoin.
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