NewsBTC
10 December 2024
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Dogecoin Price Declines Below $0.400 Support Level

Dogecoin (DOGE) has initiated a decline below the $0.400 support level against the US Dollar, currently trading near the $0.3750 support.

  • DOGE price declined below $0.420.
  • Trading occurs below $0.40 and the 100-hourly simple moving average.
  • A bearish trend line is forming with resistance at $0.4260 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • A rally may occur if it surpasses the $0.420 and $0.4250 resistance levels.

Dogecoin Price Dips To Support

Dogecoin's price has dropped from above $0.440, similar to movements seen in Bitcoin and Ethereum. It fell below the $0.4120 and $0.400 support levels, reaching as low as $0.3749.

The price has since consolidated losses, recovering to above $0.3850, and testing the 23.6% Fibonacci retracement level from the $0.4777 swing high to the $0.3749 low.

Currently, Dogecoin trades below $0.4250 and the 100-hourly simple moving average, with immediate resistance near $0.4080. The first major resistance for bulls is around $0.4250.

A bearish trend line forms resistance at $0.4260, close to the 50% Fibonacci retracement level from the $0.4777 swing high to the $0.3749 low.

Dogecoin Price

The next significant resistance is at $0.4550. A close above this level may lead to prices rising toward $0.4650 and potentially $0.5000, with the next major target being $0.5200.

More Losses In DOGE?

If DOGE fails to rise above $0.4250, further declines are possible. Initial downside support is near $0.3880, followed by major support at $0.3750.

The primary support level is at $0.3650. A drop below this level could see prices decline towards $0.3420 or even $0.3250 in the near term.

Technical Indicators:

  • Hourly MACD: Gaining momentum in the bearish zone.
  • Hourly RSI: Below the 50 level.
  • Major Support Levels: $0.3880 and $0.3750.
  • Major Resistance Levels: $0.4080 and $0.4250.