Dogecoin Declines Below $0.2550 Amid Renewed Bearish Momentum
Dogecoin's price is currently experiencing a decline below the $0.260 zone against the US Dollar:
- Price dropped below $0.2550 and is trading under the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $0.2570 on the hourly chart.
- A further drop could occur if the price moves below $0.2420.
Current Market Position
- Dogecoin fell below support levels of $0.260 and $0.2550 after closing under $0.2620, similar to Bitcoin and Ethereum.
- The price reached a low near $0.2430 before attempting a recovery wave.
- Recovery attempts face resistance around $0.260 and $0.2570 due to Fibonacci retracement levels.
- The next major resistance level is at $0.260; breaking through could lead to targets of $0.2780 and beyond.
Potential for Further Losses
- If Dogecoin fails to rise above $0.2550, it may continue falling with initial support at $0.2470.
- Major support levels are $0.2420 and $0.2350; breaking these could push the price to $0.2120 or $0.2050.
Technical Indicators
- Hourly MACD: Gaining momentum in the bearish zone.
- Hourly RSI: Below the 50 level, indicating potential further declines.