Dogecoin Price Declines Below Key Support Levels Amid Bearish Trend
Dogecoin Price Update
- Dogecoin (DOGE) declined below $0.2320 and $0.2250 against the US Dollar.
- Price is currently trading below $0.2250 and the 100-hourly simple moving average.
- A bearish trend line has formed with resistance at $0.220 on the hourly chart.
- If DOGE holds above $0.2080, it may initiate a recovery.
DOGE reached a low of $0.2078 after failing to maintain levels above $0.240. A minor recovery occurred but price remains under $0.2250.
Immediate resistance levels are:
- $0.220
- $0.2250 (near the 50% Fib retracement level)
- $0.2320 (next major resistance)
Support levels to watch include:
- $0.2120
- $0.2080
- $0.2050 (critical support, potential decline towards $0.20 or $0.1920 if breached)
Technical indicators show a bearish momentum with MACD in the negative zone and RSI below 50.