As an experienced financial analyst, I have closely observed Dogecoin’s (DOGE) price action against the US Dollar (USD). Based on the current chart patterns, it appears that DOGE is facing significant resistance near the $0.1650 and $0.170 levels. The price has been trading below the $0.1620 level and the 100 simple moving average (4 hours), signaling a bearish trend.
As a Dogecoin investor, I can observe that we’re having a tough time pushing past the $0.1650 resistance mark against the US Dollar. A potential drop lies ahead for DOGE if it fails to hold above the crucial support level at $0.140.
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DOGE is facing many hurdles near the $0.1650 and $0.170 levels against the US dollar.
The price is trading below the $0.1620 level and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.170 to move into a positive zone and start a fresh surge.
Dogecoin Price Signals Downturn
Following a significant drop, Dogecoin’s price bounced back starting from the $0.1280 mark. The lowest point during this downturn was at $0.1283. Subsequently, DOGE surpassed the $0.1350 threshold, similar to Bitcoin and Ethereum‘s price movements.
Above the $0.1385 and $0.140 resistance points, there was a price advancement. The 23.6% Fibonacci retracement level of the price drop from the $0.2092 peak to the $0.1283 trough was surpassed. Nevertheless, bears managed to limit further progress above the $0.170 resistance mark.
As a crypto investor, I’ve noticed that the price of Dogecoin (DOGE) didn’t reach the 50% Fibonacci retracement level during its recent downtrend from $0.2092 to $0.1283. Additionally, there’s a strong bearish trend line emerging on the 4-hour chart for the DOGE/USD pair, with resistance at around $0.1620.
The current price of Dogecoin hovers around the $0.160 mark and falls below its 4-hour simple moving average. On the positive side, Dogecoin’s progression encounters resistance at the $0.160 price point.
The price may encounter significant opposition around the $0.1680 mark, which represents the next notable barrier. However, the most substantial obstacle lies at $0.170. Clearing this hurdle could potentially push the price towards the resistance at $0.1850. Further advancements might lead the price to challenge the $0.20 level.
More Losses in DOGE?
Should DOGE‘s price price fail to advance beyond the $0.160 mark, there’s a risk of further drops. The first line of defense on the downside lies at around $0.1475.
If the price reaches the next significant resistance around $0.1400, and should it fail to hold, a potential drop could ensue, possibly pushing the price down to around $0.120.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1475, $0.1400 and $0.1200.
Major Resistance Levels – $0.1600, $0.1680, and $0.1700.
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2024-04-26 15:40