As a seasoned crypto investor with a portfolio that includes Dogecoin (DOGE), I find myself watching the DOGE/USD pair closely due to its recent bearish momentum. After a promising rally, it seems like the price has hit another roadblock near the $0.1085 resistance level.
Initially, Dogecoin experienced a new drop following its resistance at 0.1085 USD. If current trends continue, Dogecoin could potentially dip towards the 0.0980 USD support level.
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DOGE price is gaining bearish momentum below $0.1035.
The price is trading below the $0.1020 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses and revisit the key support at $0.0980.
Dogecoin Price Extends Losses
Following a consistent upward trend, the price of Dogecoin reached approximately $0.1085, but then met strong sellers in this region. Consequently, it established a temporary peak and subsequently dipped again, falling below the $0.1050 mark, similar to Bitcoin and Ethereum.
Recently, the price of Dogecoin (DOGE) dropped below the significant support level at around $0.1035. This decline took it beneath the 50% Fibonacci retracement line from the price swing low at $0.0978 to the high of $0.1084. Furthermore, an influential bearish trendline is forming on the hourly chart for DOGE/USD, with resistance at approximately $0.1050.
Currently, Dogecoin’s trading price hovers beneath the $0.1035 mark and is also approaching the 76.4% Fibonacci retracement level of its upward journey from the $0.0978 low point to the $0.1084 peak. This suggests a potential resistance or reversal point for Dogecoin’s price trend.
As a crypto investor, I’m currently eyeing some key resistance levels in my investment. Right now, there’s strong resistance near the $0.1032 mark. If we manage to push through this, the next significant hurdle would be around $0.1045. A successful breakthrough above this level could potentially propel the price toward the $0.1050 resistance. Should it breach this, further gains might take us towards the $0.1085 level. The bulls’ next major target could be at $0.1120.
More Downsides In DOGE?
If Dogecoin’s value doesn’t manage to surge past $0.1035, there’s a possibility it might drop again. A potential floor for this decline could be around $0.1000. The more substantial support lies at approximately $0.0980.
As a researcher, I’m observing that the key resistance level is currently at approximately $0.0918. Should this support be breached and broken downwards, I anticipate a potential price drop. This decrease could potentially take the price to around $0.0880 in the short term, with a possibility of even reaching $0.0850 if the market trends continue unfavorably.
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 – $0.0980 and $0.0918.
Major Resistance Levels – $0.1035 and $0.1050.
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2024-09-16 09:04