Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis
Release: 2024/08/05 13:59 Reading: 880
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=633090
Dogecoin Declines Over 15%
Dogecoin has experienced a significant drop to below $0.1150 against the US Dollar. Currently trading under $0.100, DOGE exhibits bearish tendencies.
The price has fallen notably below the $0.1200 pivot point, dropping below $0.100 and the 100-hourly simple moving average. A bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at $0.1000. Unless this resistance is breached, the price is expected to continue its decline.
Significant Decline
Dogecoin's recent price movement mirrors the downturn experienced by Bitcoin and Ethereum. The bears have taken control, driving the price beneath the support levels of $0.1120 and $0.1050, even reaching a low of $0.0881.
Bearish Indicators
The price currently trades below the $0.100 level and the 100-hourly simple moving average. Immediate resistance is encountered at $0.0950, with the next significant resistance at $0.1000. A key bearish trend line is also present on the hourly chart, providing resistance at $0.1000.
A close above this resistance could potentially lead to a price increase towards $0.1040 or the 50% Fib retracement level of the downward move. Further gains may push the price towards $0.1080. Bulls face a challenge at the $0.1120 level.
Further Downward Potential
If DOGE fails to regain support above $0.1000, it may experience a further decline. Support is initially located at $0.0880, with significant support at $0.0850. The primary support is at $0.0780. A break below this level could lead to a more substantial drop, potentially towards $0.0720.
Technical Indicators
- Hourly MACD: Momentum remains in the bearish zone.
- Hourly RSI: The RSI is currently below 50.
- Major Support Levels: $0.0880, $0.0780
- Major Resistance Levels: $0.0950, $0.1000
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