As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market fluctuations. The recent decline in Dogecoin, or DOGE, has been quite disappointing, to say the least. After a brief rally above $0.40, it seems we’re back to the familiar dance between resistance and support at around $0.3550.
Dogecoin has seen a significant drop, falling beneath its previous support level at around $0.3550 when compared to the U.S. dollar. At present, Dogecoin seems to be holding steady in a consolidation phase, and it may find it challenging to regain its footing above the resistance at approximately $0.350.
- DOGE price started a fresh decline below the $0.3650 level.
- The price is trading below the $0.3550 level and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.3550 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could struggle to start a fresh increase above the $0.3550 and $0.3650 resistance levels.
Dogecoin Price Dips Sharply
The cost of Dogecoin began to drop significantly, similar to both Bitcoin and Ethereum, from well above 40 cents. Dogecoin’s value dropped below the resistance levels of 38 cents and 36.5 cents, even plunging as low as 32 cents.
At $0.30, a trough was established, and the price is currently stabilizing as it recovers. It managed to climb slightly above $0.320. It recently checked the 23.6% Fibonacci retracement level of the downward trend from the peak at $0.4096 to the low at $0.300.
Currently, Dogecoin’s price is dipping below the $0.3550 mark and its 100-hour moving average. Additionally, a downward trend line is emerging with resistance at $0.3550 on the hourly chart of Dogecoin versus USD, suggesting a bearish trend.
Immediately, there’s a potential barrier for upward movement around $0.3250. The initial significant obstacle for buyers could be around $0.340. Further up, another major resistance is seen at approximately $0.3550 or the 50% Fibonacci retracement point of the downward slide from the peak of $0.4096 to the low of $0.300.
If the price breaks through and hovers above the $0.3550 barrier, it could push the value up to around $0.3650. Further increases may then propel the price towards the $0.380 mark. The bulls’ next significant target could be at $0.40.
More Losses In DOGE?
If Dogecoin’s value doesn’t manage to surpass $0.3550, there’s a possibility it might dip again. The first potential floor for this drop could be around $0.3050. Another significant support lies at the same $0.3050 level.
The key level holding up the price is around $0.30. If this level gets broken on the downside, it could lead to a drop in price. This drop may extend to approximately $0.280 or possibly as low as $0.2620 in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.3050 and $0.3000.
Major Resistance Levels – $0.3400 and $0.3550.
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2024-12-20 08:10