Dogecoin has a tough time advancing past the $0.180 barrier against the US Dollar, causing it to falter. In order for Dogecoin to begin climbing again, it is crucial that its price stays above the $0.1450 support level.
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DOGE started a fresh decline below the $0.1750 zone against the US dollar.
The price is trading above the $0.1700 level and the 100 simple moving average (4 hours).
There is a key contracting forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could restart its increase unless there is a close below the $0.1450 support.
Dogecoin Price Turns Red
After facing difficulties in surmounting the $0.20 resistance, Dogecoin’s price took a downturn. The bearish trend saw a significant drop below the $0.18 and $0.165 support levels. Dogecoin’s price reached its lowest point at $0.1283. Lately, DOGE has tried to bounce back similar to Bitcoin and Ethereum.
The price surpassed the $0.1450 mark, exceeding the 23.6% Fibonacci resistance level of the decline from the peak at $0.2096 to the trough at $0.1283.
Despite being close to the $0.1680 resistance and the halfway point of the price drop from the $0.2096 peak to the $0.1283 trough, bears remain active in the DOGE/USD market. The market is presently consolidating around the $0.1550 level. Furthermore, a significant contracting pattern is emerging on the 4-hour chart, with support at $0.1540 for the DOGE/USD pair.
Dogecoin currently sits below the $0.16 mark and falls short of its 4-hour simple moving average. Looking at potential upswings, the price encounters resistance around $0.16. The next significant resistance lies at $0.17, and surpassing this level could lead Dogecoin to the $0.188 resistance. Further gains may push the price towards $0.20, followed by potential advancement towards $0.22.
More Downsides in DOGE?
If DOGE‘s price doesn’t pick up speed and rise above the $0.160 mark, it may keep falling instead. The first line of defense for DOGE in case of a drop is around the $0.1520 mark.
If the price reaches the next significant support at around $0.1450, and it breaks down below this level, there is a risk of further price drops. Potentially, the price could fall as low as $0.120 in such a scenario.
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 – $0.1520, $0.1450 and $0.1280.
Major Resistance Levels – $0.1600, $0.1780, and $0.200.
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2024-04-16 08:10