Dogecoin (DOGE) Continues to Dwindle – Is a Recovery on the Horizon?

Dogecoin has initiated a new downturn, falling below the $0.1400 threshold against the US Dollar. Currently, DOGE is stabilizing amid losses and may encounter resistance levels near $0.1400.

Key Takeaways

DOGE has experienced a new decline, dropping below the significant $0.1400 mark.
The current trading price is below both $0.1380 and the 100-hourly simple moving average.
A bearish trend line is forming, with resistance at $0.1375 on the DOGE/USD hour chart.
Additional losses may occur if DOGE remains under $0.1400 and $0.1420 levels.

Dogecoin (DOGE) Continues to Dwindle

Declining Dogecoin Prices

Recently, Dogecoin's price has begun a fresh decline, dropping below $0.1420, mirroring the trends seen in Bitcoin and Ethereum. DOGE has fallen past the critical support levels of $0.1400 and $0.1380, even dipping below $0.1350. A low was recorded at approximately $0.1326, although the price has slightly recovered since then. A minor rebound took place, aligning with the 23.6% Fibonacci retracement level from the recent downward trend that ranged from a high of $0.1530 to the low of $0.1326.

Presently, Dogecoin is trading beneath the $0.1400 mark and the 100-hourly simple moving average. Should the price recover, the first uphill challenge for traders will be at the $0.1380 level. There's also a noticeable bearish trend line emerging, marking resistance at $0.1375 on the hourly DOGE/USD chart.

Dogecoin Price Chart

The initial resistance point for potential buyers may be situated around the $0.1400 mark. Following that, a significant resistance level can be found near $0.1425, as well as the 50% Fibonacci retracement level from the drop between $0.1530 and $0.1326. If the price can close above the $0.1425 barrier, it could possibly rise toward the $0.1450 mark. Should gains accelerate, the price might even approach the $0.1500 level, with the next target for buyers becoming $0.1550.

Will DOGE Experience Further Declines?

If the price of DOGE fails to rise above the $0.140 mark, it could continue its downward trajectory. The immediate support level on the downside is close to $0.1340. Another critical support level lies at $0.1325. The primary support zone remains at $0.130. Should the price drop below this $0.130 support level, it could face further decline, potentially sliding toward $0.1250 or even down to $0.1240 soon after.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is currently showing increasing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is now above the 50 level.

Major Support Levels: $0.1340 and $0.1300.
Major Resistance Levels: $0.1400 and $0.1420.

This article has highlighted the current state of Dogecoin, emphasizing potential recovery or further declines. Keeping an eye on these levels can help traders make informed decisions moving forward.