Dogecoin is on the ropes and is at great risk of breaking below the critical support level!
Bearish indicators for Dogecoin price
Dogecoin has encountered resistance near the $0.150 resistance level and is currently retreating. The downward trend of Dogecoin mirrors a similar pattern of Bitcoin and Ethereum. After facing rejection, Dogecoin fell below $0.145 and continued to fall towards the $0.142 support level and the crucial 100 hourly simple moving average. The move broke a key bullish trend line with support around $0.1425.
Technical Challenges and Market Resistance
Currently, Dogecoin is trading below $0.145 and just above the critical $0.140 mark. The recent movement shows that it has fallen below the 50% Fibonacci retracement level of the upward move from the $0.1337 low to as high as $0.1505. The break below the bullish trend line near $0.1425 highlights the increasing bearish sentiment among traders.
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