As an analyst with a background in financial markets and experience in cryptocurrency analysis, I believe that Dogecoin (DOGE) is currently facing significant resistance at the $0.1450 level and below the 100 simple moving average (SMA) on the 4-hour chart. The recent decline below the critical support zone of $0.1450 has extended losses for DOGE, pushing it further into a bearish trend.
Dogecoin extended losses and traded below the $0.1420 support zone against the US Dollar. DOGE is now recovering but facing key hurdles at $0.1450.
- DOGE price tested the $0.1360 support and started a recovery wave.
The price is trading below the $0.1450 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $0.1430 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.1450 to move into a positive zone and start a fresh surge.
Dogecoin Price Extends Losses
If Dogecoin’s price fails to hold above the $0.150 mark for a close, it may enter a brief bearish phase similar to Bitcoin and Ethereum. The support at $0.1450 was broken, resulting in further losses.
At a price of $0.1358, DOGE formed a low point. The cryptocurrency is currently making an effort to bounce back. There was a small uptick above the resistance level at $0.1420. The price has gone beyond the 23.6% Fibonacci retracement mark of the downward trend that started from the high of $0.1538 to the low of $0.1358.
The current price of Dogecoin hovers around $0.1450 and falls below its 4-hour SMA (100). On the positive side, Dogecoin’s ascent encounters resistance at approximately $0.1430. Additionally, a significant bearish trend line is emerging with resistance at this level on the 4-hour chart of DOGE/USD pair.
As a market analyst, I’d identify the upcoming significant resistance around $0.1450 and the 100-simple moving average (SMA) on the 4-hour chart. Notably, this level aligns with the 50% Fibonacci retracement mark of the bearish trend that extended from the $0.1538 peak to the $0.1358 trough.
As a crypto investor, if the price manages to break above the $0.1450 resistance level in my portfolio, it could potentially propel the asset’s value towards the next resistance at $0.1535. Should we see further gains beyond that, the price may continue its upward trajectory and approach the $0.1620 mark.
Another Decline In DOGE?
If the price of DOGE doesn’t pick up and move beyond $0.1450, there’s a risk it may drop once more. The initial floor in its potential slide lies around $0.140.
If we reach the next significant resistance at approximately $0.1360, and the price breaks down below this level, there’s a strong possibility that the price will fall even lower, potentially reaching around $0.1200.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1400, $0.1360 and $0.1200.
Major Resistance Levels – $0.1430, $0.1450, and $0.1535.
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2024-05-13 11:28