Dogecoin Faces Mounting Pressure as Bearish Momentum Dominates Dogecoin (DOGE) has entered a fresh period of decline, sinking below the critical $0.1250 mark against the US Dollar. The popular meme coin is currently grappling with significant losses, hinting at further downside challenges as it consolidates near the $0.1235 threshold. Analysts report that DOGE's price is trading below both the $0.1220 level and its 100-hourly simple moving average, signaling a bearish turn in market sentiment.
Dogecoin's Recent Slide and Key Levels
Following a decisive close below the $0.1300 level, Dogecoin initiated a sharp descent, mirroring recent trends observed in other major cryptocurrencies like Bitcoin and Ethereum. The price breached crucial support zones at $0.1280 and $0.1250, further dropping below $0.1220 to establish a low near $0.1198. Currently, DOGE continues to trade beneath its 100-hourly simple moving average and the 23.6% Fibonacci retracement level of its recent downward swing. Technical analysis indicates a significant bearish trend line forming with resistance around $0.1300 on the hourly chart of the DOGE/USD pair. Should a recovery attempt emerge, immediate resistance lies at $0.1235, with stronger barriers at $0.1280 (coinciding with the 76.4% Fib retracement) and the formidable $0.1300 mark. Surpassing the $0.1300 resistance could potentially pave the way for a rally towards $0.1350, possibly extending to $0.1372 and even $0.1400.
Potential for Further Declines
The outlook remains precarious for Dogecoin. If the price fails to reclaim and hold above the $0.1300 level, further downward movement is highly anticipated. Initial support on the downside is identified near the $0.1200 level, followed by a more significant floor near $0.1195. The primary support zone for DOGE is currently pegged at $0.1150. A decisive breach below this crucial support could trigger an extended sell-off, potentially pushing the price towards $0.1050 or even $0.10 in the near term, signaling a deeply bearish phase ahead.
Technical Snapshot
- Hourly MACD: Currently displays increasing bearish momentum within the bearish zone.
- Hourly RSI (Relative Strength Index): Remains above the 50 level, indicating some underlying strength despite recent price drops.
- Major Support Levels: $0.1280, $0.1250, $0.1200, $0.1195, $0.1150.
- Major Resistance Levels: $0.1235, $0.1280, $0.1300, $0.1340, $0.1350, $0.1372, $0.1400.
