Dogecoin (DOGE) Gains Bearish Momentum: A Buying Opportunity or Warning Sign?

Aayush Jindal

1 month ago

2 mins read

Dogecoin Price (DOGE) Slips Into the Red

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Dogecoin started a fresh decline from the $0.20 zone against the US Dollar. DOGE is now consolidating losses and might recover if it clears $0.180.

DOGE price started a fresh decline below the $0.1880 and $0.180 levels.
The price is trading below the $0.1850 level and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.1880 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh decline if it declines below the $0.1680 zone.

Dogecoin Price Dips Below Support

Dogecoin price started a fresh decline after it failed to clear the $0.20 zone, like Bitcoin and Ethereum. DOGE declined below the $0.1920 and $0.1880 levels.

The bears even pushed the price below the $0.1750 level. A low was formed at $0.1687 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.2005 swing high to the $0.1687 low.

Dogecoin price is now trading below the $0.1850 level and the 100-hourly simple moving average. There is also a key bearish trend line forming with resistance at $0.1880 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.1760 level. The first major resistance for the bulls could be near the $0.1840 level. It is close to the 50% Fib retracement level of the downward move from the $0.2005 swing high to the $0.1687 low.

The next major resistance is near the $0.1880 level. A close above the $0.1880 resistance might send the price toward the $0.20 resistance. Any more gains might send the price toward the $0.2050 level. The next major stop for the bulls might be $0.2120.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1850 level, it could start another decline. Initial support on the downside is near the $0.1685 level and the trend line. The next major support is near the $0.1650 level.

The main support sits at $0.1550. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 level or even $0.1320 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1680 and $0.1650.

Major Resistance Levels – $0.1760 and $0.1880.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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