Dogecoin's Recovery Stalls: Meme Coin Faces Bearish Pressure
Dogecoin (DOGE) has entered a fresh period of decline, dipping below the crucial $0.1050 mark against the US Dollar. The popular meme coin is currently consolidating its losses but faces significant hurdles, with price action suggesting a potential bearish continuation if key resistance levels are not overcome.
DOGE Navigates Uphill Battle as Bearish Momentum Builds
Following a broad market downturn mirroring Bitcoin and Ethereum, Dogecoin's price has fallen below the $0.10 level and trades consistently beneath its 100-hourly simple moving average. A critical bearish trend line has established resistance around $0.1005 on the hourly chart of the DOGE/USD pair. Despite a brief recovery attempt above $0.0980, the rally was capped by the 23.6% Fibonacci retracement level of its recent downward swing, spanning from a high of $0.1174 to a low of $0.0955. Bulls must push past immediate resistances at $0.10 and the $0.1005 trend line, with a more significant challenge looming at $0.1040, which aligns with the 38.2% Fib retracement. Further upside targets are identified at $0.1065, $0.1120, and $0.1150.
Critical Support Levels Lie Ahead
Should Dogecoin fail to break above the $0.1040 resistance, the path of least resistance points downwards. Initial support is found near $0.0955, followed by major support at $0.0920. The most substantial support level currently sits at $0.0880. A decisive break below this point could trigger further declines, potentially pushing the price towards $0.0832 or even $0.0820 in the near term. Technical indicators underscore the bearish sentiment, with the Hourly MACD for DOGE/USD showing increasing momentum in the bearish zone and the Relative Strength Index (RSI) remaining below the 50 level, signaling prevailing selling pressure.
