Dogecoin Bears Return: Indicators Point To More Losses In DOGE

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As a seasoned crypto investor with a few years of experience under my belt, I’ve seen the ups and downs of various digital currencies, including Dogecoin (DOGE). And based on the current market situation, it looks like DOGE is once again on a downtrend.

Dogecoin started another decline from the $0.1285 resistance zone against the US Dollar. DOGE is consolidating and might resume its decline below $0.1220.

    DOGE price is moving lower below the $0.1250 support zone.
    The price is trading below the $0.1250 level and the 100-hourly simple moving average.
    There is a key rising channel or a bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair (data source from Kraken).
    The price must settle above $0.1260 and $0.1285 to gain bullish momentum and start a fresh increase.

Dogecoin Price Dips Again

Following a strong rebound, the price of Dogecoin reached a hurdle around $0.1285. However, it was unable to advance further and instead initiated a new downtrend similar to Bitcoin and Ethereum from its peak at this level.

The price dropped below the $0.1250 support and the 100-hour moving average. It also fell beneath the 23.6% Fibonacci retracement mark of the rally from $0.1129 to $0.1285. Nevertheless, bulls are currently attempting a comeback near the $0.1220 area.

The price of Dogecoin is currently below the $0.1250 mark and falls short of its 100-hour moving average. Additionally, there are indications of a significant rising trendline or a potential bearish pennant on the chart for the DOGE/USD pair, with support around $0.1220.

Should a fresh price rise occur, it may encounter obstruction around the $0.1260 mark. Further up, the significant resistance lies at the $0.1285 level. A break above this barrier could potentially push the price towards the $0.1350 resistance. Subsequent gains might lead the way to the $0.1420 level. The bulls’ next major target is set at $0.150.

More Losses In DOGE?

As a market analyst, I would assess that if Dogecoin’s (DOGE) price persistently struggles to advance beyond the $0.1285 mark, it may potentially descend further. A notable support level for DOGE can be found at around $0.1220.

Should the price fail to hold above the $0.1185 mark in the upcoming trading, there’s a risk it may drop down to around $0.1120.

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 – $0.1220, $0.1185 and $0.1120.

Major Resistance Levels – $0.1260, $0.1285, and $0.1320.

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2024-06-21 08:10