As a seasoned researcher who has closely followed the cryptocurrency market for years now, I must say that the recent decline of Dogecoin (DOGE) below $0.1050 against the US dollar is not surprising. The bearish trend line forming with resistance at $0.1025 on the hourly chart is a clear indication of the market’s current sentiment.
Dogecoin has recently begun a new drop, moving significantly below the $0.1100 mark versus the U.S. dollar. Currently, Dogecoin is seeing a decline of more than 10%, finding it difficult to initiate a rebound.
- DOGE price started a fresh decline and traded below $0.100.
The price is trading below the $0.1050 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1025 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a recovery wave if it clears the $0.100 and $0.1025 levels.
Dogecoin Price Faces Hurdles
Over the last several meetings, the value of Dogecoin has dropped again, falling beneath the $0.1050 mark, much like both Bitcoin and Ethereum. This drop caused the currency to move into a temporary bearish phase as it fell below the $0.100 level.
Initially, the price dropped below the $0.0980 mark, reaching a low at $0.0962. Now, it’s trying to bounce back with a slight rise above $0.0988. Notably, the price has surpassed the 23.6% Fibonacci retracement level of the decline from the peak at $0.1064 to the trough at $0.0962.
Currently, Dogecoin’s price is lower than $0.1050 and also the 100-hour moving average. If it rises, immediate barriers are at $0.1012, followed by a significant one at $0.1025.
Additionally, a significant bearish trendline is being shaped on the hourly chart for the DOGE/USD pair, with potential resistance at approximately $0.1025. This trendline approaches the 50% Fibonacci retracement level of the price drop from the peak of $0.1064 to the low of $0.0962.
If the price surges slightly above $0.1025, it could push the value further up to around $0.1088. Any additional growth may take it toward the $0.1120 mark. The next significant target for buyers could be $0.1250.
More Downsides In DOGE?
Should the value of DOGE not manage to rise beyond the $0.1025 threshold, there’s a possibility it might initiate another drop. A potential floor in this scenario would be around $0.0962. The significant support below that is expected at approximately $0.095.
The significant resistance point is at $0.0920. If this level gets breached downwards, it’s possible that the price will drop more. It could potentially fall to around $0.0880 in the immediate future, and there’s even a possibility of it reaching $0.0850.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.0962 and $0.0920.
Major Resistance Levels – $0.1025 and $0.1088.
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2024-08-28 09:23