Dogecoin Bears Return: Indicators Point To More Losses In DOGE
Release: 2024/06/21 13:14 Reading: 471
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=625761
Dogecoin Resumes Decline After Resistance Rejection
Dogecoin (DOGE) has experienced a renewed decline after encountering resistance at the $0.1285 level against the US Dollar.
Consolidation and Potential Decline
DOGE is currently consolidating and could potentially resume its decline below $0.1220. The price has fallen below the $0.1250 support zone and the 100-hourly simple moving average.
Channel Formation and Resistance
On the hourly chart of the DOGE/USD pair, a bearish flag pattern or rising channel is forming, indicating support near $0.1220. If the price settles above $0.1260 and $0.1285, it may regain bullish momentum and initiate an uptrend.
Resistance Levels
Key resistance levels for a potential recovery include $0.1260, $0.1285, $0.1350, $0.1420, and $0.150.
Support Levels
In the event of further decline, support levels to watch are $0.1220, $0.1185, and $0.1120. A breakdown below $0.1185 could lead to a steeper correction towards $0.1120.
Technical Indicators
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Below the 50 level, indicating bearish sentiment.
Conclusion
Dogecoin's recent recovery attempt has been met with resistance, leading to a resumption of the decline. The bearish flag pattern suggests potential for further downward movement unless support at $0.1220 holds. Key resistance and support levels should be watched closely for potential trading opportunities.
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