The Bearish Trend of Dogecoin

The Bearish Trend of Dogecoin

Dogecoin is currently facing bearish signs as it struggles to break above the $0.150 resistance zone against the US Dollar. The price is currently trading below the $0.1450 level and the 100-hourly simple moving average. There was a recent break below a key bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair. This indicates a potential downward trend in the near future if the $0.140 support zone is breached.

After facing resistance near the $0.1500 zone, Dogecoin failed to sustain its bullish momentum and started a fresh decline below $0.1450. The price dipped below the 50% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high. The bulls are currently trying to defend the $0.140 support zone and the 61.8% Fib retracement level, but if the price fails to gain pace above $0.1450, it could continue to move downwards.

In case of a further decline, the initial support on the downside is near the $0.140 level. The next major support is seen near the $0.1375 level, and a break below this could lead the price towards the $0.130 level. On the flip side, if there is a fresh increase in price, the resistance levels to watch out for are near $0.1420, $0.1450, and $0.1500. A close above the $0.1450 resistance might signal a potential move towards the $0.150 resistance and even higher towards $0.1632.

Technical Indicators

The hourly MACD for DOGE/USD is currently gaining momentum in the bearish zone, indicating a potential downtrend. The hourly RSI (Relative Strength Index) is also below the 50 level, showing a bearish sentiment in the market.

Overall, Dogecoin is currently facing a bearish trend with key resistance levels to overcome for a potential bullish momentum. Traders and investors should be cautious of the current price movement and monitor the support and resistance levels closely to make informed trading decisions.

Analysis

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