Dogecoin Price Decline Looms As Bears Cut Short Recovery: Key Levels To Watch
Release: 2024/07/08 19:34 Reading: 318
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=628368
Dogecoin's Price Fluctuations and Potential Direction
Dogecoin's recent recovery has been hindered by renewed bearish pressure, leading to a potential decline. After an attempted rebound, bears have regained control, pushing DOGE toward its previous low of $0.0914. As the asset's price approaches this level, analysts speculate on whether it will break or rebound.
Analysis of Dogecoin's Price Action
Key Indicators:
- On the 4-hour chart, DOGE is below the 100-day Simple Moving Average (SMA).
- William alligator formation suggests potential for a bearish trend.
Support Levels:
- $0.0914: Previous low
- $0.0745: Potential support level
- $0.0559: Further support level
Resistance Levels:
- $0.0914: Breakout point
- $0.1293: Resistance level
- $0.1491: Higher resistance level
- $0.1649: Potential further resistance
Current Situation:
DOGE is attempting a downward move towards $0.0914. If it breaks below this level, it may decline further to test support levels at $0.0745 and $0.0559.
Potential Outcomes:
- Breakout: If DOGE breaks above $0.0914 and closes above resistance levels, it may continue an upward trend.
- Rejection: If DOGE is rejected at the $0.0914 level and fails to close below it, it may rebound towards $0.1293 resistance.
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