HomeBTCDOGE Breaking Support Could Spark Bearish Action

DOGE Breaking Support Could Spark Bearish Action

-


Dogecoin is showing bearish signs below the $0.150 resistance zone against the US Dollar. DOGE could accelerate lower if it breaks the $0.140 support.

  • DOGE price is moving lower below the $0.150 support zone.
  • The price is trading below the $0.1450 level and the 100-hourly simple moving average.
  • There was a break below a key bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price must settle above $0.1450 to gain bullish momentum and continue higher.

Dogecoin Price Dips Again

After a decent increase, Dogecoin price faced resistance near the $0.1500 zone. DOGE failed to continue higher and started a fresh decline below $0.1450 like Bitcoin and Ethereum.

There was a move below the $0.1420 support level and the 100-hourly simple moving average. The price dipped below the 50% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high. Besides, there was a break below a key bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair.

Dogecoin is now trading below the $0.1450 level and the 100-hourly simple moving average. The bulls are now protecting the $0.140 support zone and the 61.8% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high.

Source: DOGEUSD on TradingView.com

If there is a fresh increase, the price might face resistance near the $0.1420 level. The next major resistance is near the $0.1450 level. A close above the $0.1450 resistance might send the price toward the $0.150 resistance. Any more gains might send the price toward the $0.1632 level. The next major stop for the bulls might be $0.1720.

More Losses In DOGE?

If DOGE’s price fails to gain pace above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.140 level.

The next major support is near the $0.1375 level. If there is a downside break below the $0.1375 support, the price could decline further. In the stated case, the price might decline toward the $0.130 level.

Technical Indicators

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

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

Major Support Levels – $0.1400, $0.1375 and $0.1300.

Major Resistance Levels – $0.1450, $0.1500, and $0.1632.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

XRP Lawyer Debunks Ripple-SEC Settlement Rumor For Tomorrow

A rumor claiming a potential settlement between Ripple and the US Securities and Exchange Commission (SEC) scheduled for a closed meeting on July 18...

Worldcoin (WLD) Price Spikes Over 55% but ZachXBT Issues Caution to Investors

The Wordcoin (WLD) community recently surpassed 6 million users, thus fueling the ongoing bullish rebound. Worldcoin (WLD), a Web3 project incubated by OpenAI CEO Sam...

Bitcoin Price Prediction: BTC Breaks $65K As Craig Wright Admits He’s Not Satoshi Nakamoto And Investors Flock To This Learn-To-Earn Crypto For Its 696%...

Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price soared 2% in the last 24 hours to trade...

EEA Releases DeFi Risk Assessment Guidelines v1

17 July 2024 EEA today published the DeFi Risk Assessment Guidelines, Version 1 <https://entethalliance.org/specs/defi-risks/>. This is a pioneering document compiling risks for DeFi protocols, along...

Most Popular