As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that the recent decline in Dogecoin (DOGE) has been quite unexpected. The price drop below the $0.1150 zone and the subsequent slide to $0.0881 is a stark reminder that even meme coins can’t escape market volatility.
Dogecoin has witnessed a significant drop, falling below the $0.1150 mark relative to the U.S. dollar. At present, Dogecoin’s value hovers around $0.100, with numerous bearish indications suggesting a possible downward trend.
- DOGE price is down over 15% from well above the $0.1200 pivot zone.
The price is trading below the $0.100 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1000 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move down unless it reclaims the $0.100 resistance zone.
Dogecoin Price Drops Over 15%
Over the recent meetings, Dogecoin’s value dropped significantly similar to Bitcoin and Ethereum. The bears managed to seize the market and drive the price under the resistance at $0.1120 and $0.1050.
In simpler terms, the cost of Dogecoin dipped below its $0.1000 support, reaching a new low at $0.0881. Currently, it’s holding steady as it recovers from these losses. The price chart indicates several negative trends, with the 23.6% Fibonacci retracement level serving as resistance in this downward trend, which started at the high of $0.1194 and ended at the low of $0.0881.
Currently, Dogecoin’s trade value has dropped below the $0.100 mark and its 100-hour moving average. At present, a potential barrier for an upward move is found around $0.0950. A more significant resistance lies at $0.1000. Moreover, a strong bearish trend line is emerging, with resistance at $0.1000 on the hourly Dogecoin-to-USD chart.
If the price breaks through and hovers above the $0.100 mark, it could potentially push higher towards either the $0.1040 resistance or the 50% Fibonacci retracement point of the decline from the peak at $0.1194 to the trough at $0.0881. Further increases might take the price up to around $0.1080. The next significant target for bullish investors could be $0.1120.
More Downsides In DOGE?
Should the value of DOGE not surge past the $0.1000 mark, there’s a possibility it might initiate another drop. A potential cushion in this scenario could be around the $0.0880 price point. The next significant support lies at approximately $0.0850.
As an analyst, I’m observing that the primary resistance for this asset is at $0.0780. Should we witness a break below this support, I anticipate a potential downward trend. In such a scenario, the price may dip towards the $0.0720 mark.
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 – $0.0880 and $0.0780.
Major Resistance Levels – $0.0950 and $0.1000.
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2024-08-05 09:04