đ„đ„đ„ #DogecoinPrice ($DOGE ) Slips Alongside Bitcoin and Ethereum: Market Analysis
Dogecoin Price Analysis: Major Decline Below $0.1000
Current Status
Dogecoin (DOGE) has experienced a significant decline, dropping over 15% from above $0.1200 to below $0.1000, displaying several bearish indicators.
Key Points
- DOGE is trading below $0.100 and the 100-hourly simple moving average.
- A bearish trend line with resistance around $0.1000 is forming on the hourly chart of DOGE/USD (source: Kraken).
- Price must reclaim the $0.1000 resistance zone to avoid further decline.
Recent Performance
- DOGE fell below critical support levels at $0.1120 and $0.1050, forming a low at $0.0881.
- The price is consolidating below the 23.6% Fibonacci retracement level of the drop from $0.1194 to $0.0881.
Resistance and Support Levels
- Immediate resistance: $0.0950, next major resistance:
$0.1000.
- Further resistance: $0.1040 (50% Fibonacci retracement), $0.1080, and potentially $0.1120.
- Initial support: $0.0880, major support: $0.0850, primary support: $0.0780. A break below $0.0780 could lead to $0.0720.
Technical Indicators
- Hourly MACD: Gaining momentum in the #BEARISHđ zone.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $0.0880, $0.0780.
- Major Resistance Levels: $0.0950, $0.1000.
Conclusion
Dogecoin is under significant bearish pressure and needs to reclaim the $0.1000 resistance to halt its downward trend.
Source - newsbtc.com
