As a seasoned researcher who has witnessed the crypto market’s ups and downs, I find myself standing at a familiar crossroads with Dogecoin (DOGE). The recent decline below $0.1120 and the stabilization around $0.100 indicates a potential rebound, but the bearish trend line at $0.1175 serves as a significant hurdle.
Dogecoin continued to decline, dropping below 11.2 cents compared to the U.S. dollar. At present, Dogecoin remains steady over the 10-cent mark and is trying to recover.
- DOGE price started another decline below the $0.1150 and $0.1120 levels.
The price is trading below the $0.1120 level and the 100-hourly simple moving average.
There is a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start another increase if it clears the $0.1120 and $0.1175 resistance levels.
Dogecoin Price Trims Gains
The price of Dogecoin struggled to surpass the $0.1320 barrier, instead, it dropped after reaching this level, much like Bitcoin and Ethereum did.
The price dropped beneath both $0.1200 and $0.1150 thresholds, reaching as low as $0.1120 support. It then plummeted further to a record low of $0.1025. Currently, the price is stabilizing after incurring losses. However, there was a slight upward trend above $0.1060 recently.
Currently, Dogecoin’s price is trading below the $0.1150 mark and just beneath its 100-hour moving average. A potential barrier on the upward journey lies around $0.1095. This level is also close to a significant retracement level of about 23.6%, which represents the distance between the peak of the move from $0.1320 to its low at $0.1025.
Approaching levels of potential resistance can be found near $0.1120. If the price manages to surpass this resistance, it may push further towards the $0.1175 resistance point. Additionally, a significant downward trend line is forming on the hourly chart for DOGE/USD, with a potential resistance at $0.1175.
The trend line is close to the 50% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1320.
More Losses In DOGE?
Should DOGE‘s value not surpass the $0.1095 mark, there’s a potential for a further drop in its price. A preliminary line of defense on the downside lies at approximately $0.1060. The next substantial support is expected around $0.1050.
The significant resistance lies at $0.100. If this level is broken on the downside, the price may drop significantly. It could potentially fall to around $0.0950, and in some cases, it might dip as low as $0.0880 in the short term.
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 – $0.1060 and $0.1000.
Major Resistance Levels – $0.1095 and $0.1120.
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2024-10-02 08:10