Dogecoin has seen a continued decline, trading below the level of $0.1120 against the US Dollar. Despite this, the cryptocurrency is currently holding steady above $0.100, with some potential for a rebound.
The price action for Dogecoin indicates it has moved below critical support levels of $0.1150 and $0.1120. Presently, it is trading beneath these levels as well as the 100-hourly simple moving average. A significant bearish trend line has formed, with resistance identified at approximately $0.1175 on the hourly chart for the DOGE/USD pair. Success in overcoming resistance at both the $0.1120 and $0.1175 levels could initiate a new upward movement in price.
After failing to sustain momentum beyond the $0.1320 resistance zone, Dogecoin began a downward trend similar to that experienced by Bitcoin and Ethereum . The price dropped from a high of $0.1320 down past the $0.1200 and $0.1150 levels, eventually hitting a low of $0.1025. Currently, Dogecoin is in a consolidation phase at this lower level, with a slight recovery above $0.1060 occurring recently. It now trades below the $0.1150 level and the 100-hourly moving average, with immediate resistance around $0.1095, near the 23.6% Fibonacci retracement level from its recent downward movement.
Looking ahead, resistance around the $0.1120 level remains significant. A breakthrough here could see prices pushing towards the next resistance at $0.1175, where the bearish trend line intersects with the 50% Fibonacci retracement level. On the downside, if the price fails to rise above $0.1095, a new decline could begin, with initial support levels around $0.1060 and further support at $0.100. A drop below this critical support could lead to significant further declines, potentially reaching levels as low as $0.0950 or $0.0880 in the near term.
Technical indicators suggest a bearish trend, with the MACD losing momentum and the RSI remaining below 50, reinforcing the cautious outlook for Dogecoin’s price movements.
