Dogecoin Battles Bearish Signals Amidst Fresh Decline
Dogecoin (DOGE) has recently dipped below the $0.1420 mark against the US Dollar, signaling a fresh wave of bearish momentum. Currently, the cryptocurrency is striving to consolidate its losses while encountering stiff resistance, prompting close observation from traders as key price levels come into focus.
Facing Uphill Battles: Key Resistance Levels
Following a downturn that saw DOGE close beneath $0.1465, the coin experienced further declines, pushing it below the $0.1440 and $0.140 support zones. Although a temporary low near $0.1363 offered a slight reprieve and a minor recovery above the 23.6% Fibonacci retracement level (from the $0.1530 high to the $0.1363 low), the path upward is fraught with challenges. Immediate resistance is found near $0.1425, with the formidable $0.1440 level, aligned with both a critical bearish trend line on the hourly chart and the 100-hourly simple moving average, posing the next major hurdle. A successful breach of this resistance could propel DOGE towards $0.1490 (the 76.4% Fib retracement level) and potentially eye $0.1530, or even $0.1550, before reaching a significant resistance point at $0.1620.
Downside Trajectory: Critical Support Zones
However, if Dogecoin fails to conquer the $0.1440 resistance, it faces increased downside risk. Initial support for a downward move is situated around $0.1380, with stronger support at $0.1360. A decisive break below this $0.1360 level could trigger a further slide, potentially testing the major support at $0.1320. In a more extended bearish scenario, the price might even drop towards $0.1250 or $0.1240 in the near future. Technical indicators reveal the Hourly MACD losing its bullish momentum and entering the bearish territory, while the Hourly Relative Strength Index (RSI) holds a position above the 50 level, suggesting some underlying resilience despite the recent downturn.
