Dogecoin Declines Below $0.1320, Faces Resistance at $0.1350
Dogecoin (DOGE) has experienced a decline below the $0.1320 mark against the US Dollar, continuing to consolidate losses and facing resistance near $0.1350.
- DOGE price fell below $0.1320, trading under $0.1300 and the 100-hourly simple moving average.
- A bearish trend line with resistance at $0.1340 is forming on the DOGE/USD hourly chart.
- The price could see further losses if it remains below $0.1340 and $0.1350.
Current Price Movement
After closing below $0.1380, similar to Bitcoin and Ethereum, DOGE dropped under the $0.1350 and $0.1340 support levels, reaching a low of $0.1266. It is currently consolidating below the 23.6% Fib retracement level from a high of $0.1530 to the low.
Resistance for recovery lies at $0.1325, with significant resistance near $0.1340 due to a bearish trend line. Further resistance is at $0.1400, aligned with the 50% Fib retracement level, potentially leading to $0.1450 or $0.1500 if surpassed.
Potential for More Losses
If unable to surpass $0.1350, DOGE may continue downward, facing initial support at $0.1280, with major support at $0.1250. A break below $0.120 might lead to a drop toward $0.1050 or even $0.10.
Technical Indicators:
- Hourly MACD: Bearish momentum increasing.
- Hourly RSI: Above 50 level.
- Major Support Levels: $0.1280, $0.1250.
- Major Resistance Levels: $0.1340, $0.1350.