Dogecoin (DOGE) Experiences a Sharp Decline as Downward Momentum Strengthens

Dogecoin has initiated a notable downward trend, falling below the $0.1250 mark against the US Dollar. DOGE is currently consolidating its losses and may encounter resistance around the $0.1235 level.

Key Takeaways

DOGE price has started to decline, breaking below the $0.1250 level.
Currently trading beneath $0.1220 and the 100-hour simple moving average.
A significant bearish trend line is forming with resistance at $0.1300 on the DOGE/USD hourly chart (data from Kraken).
If the price remains under $0.1280 and $0.1300, further losses could occur.

Dogecoin (DOGE) Experiences a Sharp Decline

Dogecoin's Price Decline Intensifies

The price of Dogecoin began a fresh downward movement after it closed below the $0.1300 mark, similar to trends seen with Bitcoin and Ethereum. DOGE has fallen beneath the critical support levels of $0.1280 and $0.1250. It even dropped below $0.1220, recording a low near $0.1198, indicating a bearish trend. Currently, it’s consolidating below the 23.6% Fibonacci retracement level from the recent high of $0.1305 to the low of $0.1198.

At present, Dogecoin is trading below the $0.1280 level and the 100-hourly simple moving average. If a recovery occurs, immediate resistance can be found near the $0.1235 level. A more significant resistance for bullish movement is likely to be close to $0.1280 or the 76.4% Fibonacci retracement of the recent downturn from $0.1305 to $0.1198.

Dogecoin Price Chart
Source: DOGEUSD on TradingView.com

The next main resistance is projected around the $0.1300 level, with an emerging bearish trend line also indicating resistance at this price point. If DOGE manages to close above this resistance, it could rally towards the $0.1350 level, with potential further gains pushing it towards $0.1372. The next significant target for bulls may be at $0.1400.

Will DOGE Face Further Losses?

Should DOGE fail to rise above the $0.1300 level, it risks further declines. Immediate support on the downside is observed near the $0.1200 level, followed by stronger support around $0.1195. The primary support lies at $0.1150. A breakdown below this key level could lead to more significant price dips, potentially sliding down to $0.1050 or even reaching $0.10 in the near future.

Technical Indicators

Hourly MACD: The Moving Average Convergence Divergence (MACD) for DOGE/USD is showing increased momentum in the bearish area.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD currently stands above the 50 mark.
Major Support Levels: $0.1280 and $0.1250.
Major Resistance Levels: $0.1340 and $0.1350.