Dogecoin (DOGE) is going down, what investment opportunities are hidden behind the "warning"?
Currently, DOGE is consolidating, and if it breaks through the resistance level of $0.3350, it may rebound. The DOGE price fell below $0.350 again and fell below the 100-hour simple moving average.
On the hourly chart of DOGE/USD, a connected bearish trend line can be seen with resistance at $0.3350. If the price breaks through the resistance area of $0.3350 and $0.3420, it may bring more upward momentum.
After Dogecoin failed to break through $0.40, it started a new round of decline, similar to Bitcoin and Ethereum.
Dogecoin fell below the support levels of $0.3650 and $0.350, entering a short-term bearish zone. The price further fell below the support level of $0.3250, reaching a low of $0.3143, and the price is currently trying to rebound.
Although the price broke the $0.3250 resistance, it still remains below the 23.6% Fibonacci retracement level of the upward move from the $0.3981 high to $0.3143 low.
Currently, Dogecoin price is trading below the $0.340 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $0.3350 level.
