Dogecoin (DOGE) Fades: Faces Challenges in Regaining Bullish Momentum
Dogecoin has initiated a downward adjustment from the $0.400 range against the US Dollar. Currently, DOGE is stabilizing and may seek another upward movement if it remains above the $0.3350 mark.
- The price of DOGE began a new decline, moving past the $0.3880 and $0.3650 thresholds.
- At present, the price is trading below the $0.3550 level and the 100-hour simple moving average.
- A significant bearish trend line is developing, with resistance at $0.3520 on the hourly chart for the DOGE/USD pair (data sourced from Kraken).
- The price could embark on another rally if it surpasses the $0.3520 and $0.3550 resistance barriers.
Dogecoin Price Retreats to Support
Recently, Dogecoin’s price began a notable decline from the $0.400 resistance area, contrasting with the price movements of Bitcoin and Ethereum. DOGE fell below the $0.3800 and $0.3650 support levels, even dropping under $0.350.
A low of $0.3416 was established as the price consolidates below the 23.6% Fibonacci retracement level, which charts the decline from the $0.4014 peak to the $0.3416 low. Additionally, a major bearish trend line is appearing with resistance positioned at $0.3520 on the hourly DOGE/USD chart.
Currently, Dogecoin’s price is trading beneath the $0.3550 mark and the 100-hourly simple moving average. Immediate upward resistance is detected near $0.3520 and along the trend line.
The first significant resistance for bullish traders could be around the $0.3550 level. Subsequent resistance is anticipated near the $0.3720 mark, which corresponds to the 50% Fibonacci retracement level of the descent from the $0.4014 swing high to the $0.3416 low.
Should the price close above the $0.3720 resistance, it may propel toward the $0.3860 resistance level. Further gains could drive the price closer to $0.40, with the next major target for bulls potentially reaching $0.420.
Potential Further Decline for DOGE?
If DOGE struggles to rise above the $0.3550 threshold, it may trigger another downward trend. Initial support on the lower end is located near the $0.3420 level, with major support identified around $0.3380.
The key support level is at $0.3250. A breach below this support could lead to a greater decline, pushing the price toward $0.3020 or even towards $0.300 shortly thereafter.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining traction within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is presently situated below the 50 mark.
Key Support Levels – $0.3400 and $0.3380.
Key Resistance Levels – $0.3550 and $0.3720.
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