Dogecoin (DOGE) Faces Another Decline — Are Traders Preparing for Further Drops?

Dogecoin has seen a new dip below the $0.150 mark against the US Dollar, leading to ongoing losses. Traders should note that DOGE may encounter challenges around the $0.1420 level.

Key Takeaways

Dogecoin price has started to decline below the $0.150 threshold.
Currently trading below $0.1450 and the 100-hour simple moving average.
A crucial bullish trend line was breached with support around $0.1520.
Further losses could occur if DOGE remains under $0.150 and $0.1450.

Dogecoin Price Drops Over 15%

Dogecoin Price Experiences New Decline

Dogecoin began a fresh decline after closing beneath the $0.1520 level, mirroring similar movements seen in Bitcoin and Ethereum. DOGE has dropped below essential support levels of $0.150 and $0.1450.

Notably, a significant bullish trend line with a support point at $0.1520 was broken, resulting in the price dipping below $0.1380. The lowest point recorded was around $0.1369. Currently, the price demonstrates bearish tendencies, falling below the 23.6% Fibonacci retracement level from the recent swing high of $0.1566 to the low of $0.1369.

As of now, Dogecoin trades below the $0.1450 level and the 100-hour simple moving average. Should there be a recovery, immediate resistance exists around the $0.1420 mark. The first substantial resistance for upward momentum may be found near the $0.1465 level, which coincides with the 50% Fibonacci retracement level from the $0.1566 high to the $0.1369 low.

Dogecoin Price
Source: DOGEUSD on TradingView.com

The next key resistance level is around $0.1490. If the price manages to close above this resistance, it could push towards the $0.1520 resistance zone. Additional gains might lead the price up to the $0.1550 mark, with the next significant target for bulls being $0.1620.

Possibility of Further Losses in DOGE

Should DOGE's price struggle to surpass the $0.1465 level, it may continue its downward trajectory. The initial support level to watch on the downside is around $0.1370, with the next significant support at $0.1350.

The primary support level is located at $0.1330. If the price drops below this critical support, further declines may occur, potentially pushing the price down to $0.1250 or even $0.1240 in the near term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is gaining bearish momentum.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD falls below the 50 mark.
Major Support Levels: $0.1350 and $0.1250.
Major Resistance Levels: $0.1420 and $0.1465.

With the current market trends, traders should remain vigilant and strategic as they navigate Dogecoin's fluctuating price movements.