As a researcher with experience in cryptocurrency analysis, I’ve been closely monitoring Dogecoin’s (DOGE) price action against the US Dollar (USD). After a brief recovery attempt above the $0.1150 resistance zone, DOGE has once again faced selling pressure and is consolidating below this level.
“Dogecoin has had a hard time bouncing back above the $0.1150 barrier against the US Dollar. Dogecoin may continue to contract and potentially drop below $0.100.”
- DOGE price is struggling to clear the $0.1150 resistance zone.
The price is trading below the $0.1080 level and the 100-hourly simple moving average.
There is a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.1080 and $0.1150 to gain bullish momentum.
Dogecoin Price Takes Hit
Following a solid rebound, Dogecoin’s price failed to surpass the $0.1150 mark, acting as a barrier. The cryptocurrency peaked around $0.1141, and subsequently began a new downtrend in sync with Bitcoin and Ethereum.
As a researcher observing the market trends, I noticed that the price dipped below the $0.1080 support level and also fell beneath the 50% Fibonacci retracement level of the bullish trend from the swing low at $0.09134 to the high at $0.1141. However, I’ve seen some signs of buyer activity around the $0.100 zone.
As a researcher studying the Dogecoin market, I’ve observed that the cryptocurrency is currently trading below the $0.1080 mark and beneath the 100-hour moving average. On the positive side, it hovers above the 61.8% Fibonacci retracement level of the upward trend that started at the swing low of $0.09134 and reached a high of $0.1141.
If there’s a new price rise, the Dogecoin-US Dollar pair could encounter resistance around the $0.1050 mark on the hourly chart. Additionally, a short-term downward trendline emerges in this chart, also placing resistance at $0.1050. The next notable resistance lies around $0.1080.
Reaching a point very near to $0.1080 resistance could propel the price further up to encounter the $0.1150 resistance. If the price continues climbing higher, it may eventually challenge the $0.1250 level. The next significant objective for the bulls lies at $0.1320.
More Downsides In DOGE?
As a market analyst, I would interpret that if Dogecoin’s (DOGE) price cannot advance beyond the $0.1150 mark, there’s a strong possibility of further declines. A notable support area lies around the $0.100 level.
If we reach the next significant resistance at around $0.0950, but should the price fall beneath the $0.0920 support, it may lead to a deeper decrease, potentially taking us down to $0.0850.
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 – $0.100, $0.0950 and $0.0850.
Major Resistance Levels – $0.1050, $0.1080, and $0.1150.
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2024-07-08 12:49