Ah, dear reader, behold the tale of Dogecoin, that whimsical creature of the digital realm! It has embarked upon a rather unfortunate descent from the lofty heights of $0.4050 against the ever-judicious US Dollar. Now, it finds itself in a state of consolidation, perhaps contemplating a gallant resurgence, should it manage to vanquish the formidable $0.3680 resistance.
- Our dear DOGE has commenced a fresh decline, tumbling below both $0.4050 and $0.380, as if it were a clumsy dancer at a ball.
- Currently, it languishes beneath the $0.3750 threshold, far from the comforting embrace of the 100-hourly simple moving average.
- Lo and behold! A major bearish trend line is taking shape, casting a shadow of resistance at $0.3650 on the hourly chart of the DOGE/USD pair (as per the ever-reliable Kraken).
- Yet, should it muster the courage to breach the $0.3650 and $0.3680 barriers, a new dawn may await.
Dogecoin’s Descent to Support: A Comedy of Errors
In a most curious turn of events, Dogecoin has chosen to descend from the $0.4050 resistance zone, unlike its more illustrious companions, Bitcoin and Ethereum. It has dipped below the $0.400 and $0.380 support levels, even daring to plunge beneath $0.350!
At last, a low was established at $0.3380, and now it consolidates its losses, lingering below the 23.6% Fib retracement level of its downward journey from the $0.3860 swing high to the $0.3380 low. A major bearish trend line looms ominously, with resistance at $0.3650.
As it stands, Dogecoin is trading below the $0.3750 level, and the 100-hourly simple moving average seems to mock its plight. The immediate resistance, like a stern teacher, awaits at the $0.3650 level.
For the brave bulls, the first major resistance may be found near the $0.3680 level, or perhaps at the 61.8% Fib retracement level of the downward move from the $0.3860 swing high to the $0.3380 low. The next major hurdle is at $0.3750.
Should it manage to close above the $0.3750 resistance, the price might just waltz towards the $0.3860 resistance. Further gains could lead it to the illustrious $0.40 level, with the next major stop for our bulls potentially being $0.420.
Will DOGE Face Another Decline? The Suspense is Palpable!
Alas, if DOGE fails to ascend above the $0.3750 level, it may very well embark on yet another decline. The initial support on this treacherous journey lies near the $0.340 level, with the next major support lurking at $0.3380.
The main support, like a steadfast friend, rests at $0.3250. Should it break below this, the price could plummet further, perhaps even towards the $0.3020 level or, dare I say, $0.300 in the near future.
As for the technical indicators:
Hourly MACD – The MACD for DOGE/USD is gaining momentum in the bearish zone, much like a train heading downhill without brakes.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level, a rather disheartening sight.
Major Support Levels – $0.3380 and $0.3250, like the last bastions of hope.
Major Resistance Levels –
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2025-01-21 08:11