Dogecoin in Trouble: DOGE Breaking Support Could Spark Bearish Action
Release: 2024/06/14 12:49 Reading: 855
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=624543
Dogecoin Price Dips Below Resistance
Dogecoin (DOGE) is exhibiting bearish signals after falling below the $0.150 resistance level against the US Dollar. A breach of $0.140 support could lead to further downside movement.
DOGE price has declined beneath the $0.150 support zone, trading below $0.1450 and the 100-hourly SMA. A break below a critical bullish trendline support of $0.1425 occurred on the hourly DOGE/USD chart.
Bullish momentum requires the price to settle above $0.1450.
Recent Dogecoin Price Action
Following a period of growth, Dogecoin encountered resistance near $0.1500. Its inability to sustain higher levels triggered a decline below $0.1450.
Significant support levels were breached, including $0.1420 and the 100-hourly SMA. The price also dipped below the 50% Fibonacci retracement level of the $0.1337-$0.1505 upward move.
DOGE currently trades below $0.1450 and the 100-hourly SMA. Bulls are defending the $0.140 support zone and the 61.8% Fibonacci retracement level.
Resistance and Support Levels
For further appreciation, the price may face resistance near $0.1420, with additional resistance at $0.1450. A breakout above $0.1450 could propel the price towards $0.150. Further gains could target $0.1632 and $0.1720.
Conversely, failure to regain $0.1450 could result in continued downside movement. Initial support lies near $0.140, followed by $0.1375. A breach below $0.1375 could trigger a further decline towards $0.130.
Technical Indicators
- Hourly MACD: Gaining bearish momentum.
- Hourly RSI: Below 50, indicating potential oversold conditions.
- Major Support Levels: $0.1400, $0.1375, $0.1300.
- Major Resistance Levels: $0.1450, $0.1500, $0.1632.
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