Dogecoin (DOGE) Approaches A Critical Phase, Traders Staying Vigilant

Dogecoin has begun a new decline below the $0.1450 mark against the US Dollar. Currently, DOGE is consolidating its losses and may encounter challenges close to the $0.140 level.

Key Takeaways

Dogecoin (DOGE) is facing challenges after dropping below the support levels of $0.1450 and $0.1420.
The cryptocurrency is trading below $0.140, alongside the 100-hour simple moving average.
A significant declining channel is forming, with resistance at approximately $0.1395 for the DOGE/USD pair.
If prices remain below $0.1400 and $0.1420, further losses are likely.

Dogecoin (DOGE) Slips Once More

Dogecoin Price Sees Further Decline

Dogecoin’s price has initiated a fresh decline following a drop below $0.1500, echoing the trends seen in Bitcoin and Ethereum. DOGE fell underneath the support levels of $0.1450 and $0.1420, even trading below $0.140. A low point was recorded around $0.1348, showing bearish signals. The price is currently consolidating below the 23.6% Fibonacci retracement level from the downward move, which started at the $0.1539 swing high and reached the $0.1348 low.

Dogecoin Price Source: DOGEUSD on TradingView.com

Currently, Dogecoin is trading below the $0.140 threshold and the 100-hourly simple moving average. If there is a bounce-back, the immediate resistance to watch for is near the $0.1390 region. The primary resistance point for the bulls might also be around the $0.140 level. There appears to be a significant declining channel with resistance around $0.1395 on the hourly chart. Should the price close above the $0.1420 resistance, we may see it rise towards $0.1445 or potentially the 50% Fibonacci retracement level from the earlier decline.

Any further gains could push the price towards the $0.150 mark, with the next significant target for the bulls around $0.1540.

Potential for Further Declines in DOGE?

If Dogecoin cannot surpass the $0.1400 level, it is likely to experience additional downward movement. Immediate support on the lower end is at the $0.1350 level, followed by more substantial support near $0.1320. The key support lies at $0.1280. Should the price break below this critical support, further declines could follow, potentially dropping to the $0.120 mark or even $0.1180 in the near term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD appears to be gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently above the 50 level, indicating a moderate recovering potential.
Major Support Levels: $0.1350 and $0.1320
Major Resistance Levels: $0.1400 and $0.1420