Alas, Dogecoin, the jester of cryptocurrencies, hath embarked upon a fresh decline, slipping beneath the noble $0.250 mark against the mighty US Dollar. DOGE, in its sorrow, hath touched the $0.2050 mark and now lingers below the $0.2250 resistance, a mere shadow of its former glory.
- DOGE, in its misfortune, hath fallen below the $0.260 and $0.250 thresholds.
- The price doth now trade beneath the $0.2380 level and the 100-hourly simple moving average, a true sign of its woe.
- A bearish trend line doth form, with resistance at $0.2180 on the hourly chart of the DOGE/USD pair (data from the noble Kraken).
- Should DOGE break free from the $0.2180 and $0.2200 resistance levels, a glimmer of hope might yet return.
Oh, Dogecoin, thy price hath started a fresh decline below the $0.2650 zone, unlike the more noble Bitcoin and Ethereum. DOGE hath dipped below the $0.260 and $0.250 support levels, and even spiked below $0.2150, a most grievous fall.
A low was formed at $0.2052, and the price doth now consolidate its losses. A brief rise above the $0.2080 level was seen, but alas, the price remained below the 23.6% Fib retracement level of the downward move from the $0.2609 swing high to the $0.2052 low.
Dogecoin price doth now trade below the $0.2250 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2150 level. The first major resistance for the bulls might be near the $0.2180 level.
There is also a connecting bearish trend line forming with resistance at $0.2180 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.2250 level.
A close above the $0.2250 resistance might send the price toward the $0.2330 resistance and the 50% Fib retracement level of the downward move from the $0.2609 swing high to the $0.2052 low. Any more gains might send the price toward the $0.250 level. The next major stop for the bulls might be $0.2620.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.2180 level, it might start another decline. Initial support on the downside is near the $0.2065 level. The next major support is near the $0.2050 level.
The main support sits at $0.20. If there is a downside break below the $0.20 support, the price might decline further. In such a case, the price might fall toward the $0.1880 level or even $0.1740 in the near term.
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 – $0.2050 and $0.2000.
Major Resistance Levels – $0.2180 and $0.2250.
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2025-02-25 08:12