Dogecoin (DOGE) Shows Weakness—Bearish Indicators Signal Potential Further Declines

Dogecoin has initiated a decline, falling below the $0.1420 threshold against the US Dollar. Currently, DOGE is consolidating its losses and may face challenges around the $0.1440 mark.

Key Takeaways

DOGE price has declined, falling below the $0.1420 level.
The price trades beneath both the $0.1420 threshold and the 100-hourly simple moving average.
A bearish trend line is forming, creating resistance around $0.1440 on the hourly chart for the DOGE/USD pair (data sourced from Kraken).
If the price remains under $0.1420 and $0.1440, further losses could occur.

Dogecoin (DOGE) Shows Weakness

Dogecoin Price Struggles Against Resistance

Dogecoin has experienced a new decline after closing below the $0.1465 mark, following similar patterns set by Bitcoin and Ethereum. DOGE has dropped under the $0.1440 and $0.140 support levels and even fell below $0.1380, forming a low around $0.1363. Although there was a slight recovery, as the price rose above the 23.6% Fibonacci retracement level from the drop that started at $0.1530 and reached a low at $0.1363, it remains below $0.1420 and the 100-hourly simple moving average.

If a resurgence occurs, the immediate resistance is positioned around the $0.1425 level, with the first significant resistance for buyers near $0.1440. A bearish trend line on the hourly DOGE/USD chart adds to this resistance at $0.1440.

Dogecoin Price Analysis
Source: DOGEUSD on TradingView.com

The next crucial resistance will be at the $0.1490 level, coinciding with the 76.4% Fibonacci retracement level derived from the drop from $0.1530 to $0.1363. A successful close above $0.1490 could lead the price towards the $0.1530 resistance and possible gains that may push it up to $0.1550. The next goal for bulls could potentially be the $0.1620 level.

Are Further Declines Expected for DOGE?

Should DOGE’s price fail to rise above the $0.1440 level, further downward movement is likely. Initial support can be found around the $0.1380 level, with the next key support at $0.1360. The main support level stands at $0.1320. If the price drops below $0.1320, a decline may continue, potentially reaching around $0.1250 or even $0.1240 shortly thereafter.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is showing diminishing momentum in the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently above the 50 level.
Major Support Levels: $0.1360 and $0.1320.
Major Resistance Levels: $0.1440 and $0.1490.