Dogecoin Declines Below $0.250 Amid Bearish Trend
Dogecoin (DOGE) Update:
- DOGE price declined below the $0.250 level and continues to trade under this threshold.
- Currently trading beneath the 100-hourly simple moving average, indicating a bearish trend.
- A bearish trend line shows resistance at $0.2450 on the hourly chart.
- The price may fall further if it moves below $0.230.
Current Market Dynamics:
- DOGE experienced a drop after closing below $0.2550, similar to trends observed in Bitcoin and Ethereum.
- The price reached a low near $0.230 before attempting a slight recovery.
- Resistance was encountered near $0.250, preventing significant recovery.
Resistance and Support Levels:
- Immediate resistance is around $0.2450 and potentially at $0.250 for bulls.
- Next major resistance stands at $0.260, with potential upward targets at $0.2780 and $0.2840 if surpassed.
- Main support levels are at $0.2320 and $0.2300, with critical support at $0.2250. A breach below could see DOGE falling towards $0.2120 or $0.2050.
Technical Indicators:
- MACD is gaining momentum in the bearish zone.
- RSI is currently below the 50 level, indicating potential continued bearish momentum.