$DOGE Analysis:
Breaking Support Could Spark Bearish Action
Dogecoin is showing bearish signs below the $0.150 resistance zone against the US Dollar. DOGE could accelerate lower if it breaks the $0.140 support.
After a decent increase, Dogecoin price faced resistance near the $0.1500 zone. DOGE failed to continue higher and started a fresh decline below $0.1450 like Bitcoin and Ethereum.
There was a move below the $0.1420 support level and the 100-hourly simple moving average. The price dipped below the 50% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high. Besides, there was a break below a key bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair.
If DOGE’s price fails to gain pace above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.140 level.The next major support is near the $0.1375 level. If there is a downside break below the $0.1375 support, the price could decline further. In the stated case, the price might decline toward the $0.130 level.
