🔥🔥🔥 #Dogecoin Price Prediction – $DOGE Turns Attractive To Bears On Rallies
Dogecoin (DOGE) faced resistance near $0.0950 and initiated a fresh decline against the US dollar. Currently trading below $0.090 and the 100 simple moving average (4 hours), DOGE encounters a key obstacle in the form of a #bearish trend line near $0.0920 on the 4-hour chart sourced from Kraken.
Despite attempts to break above $0.0920, Dogecoin struggled to surpass the $0.095 resistance zone, leading to a decline akin to Bitcoin and Ethereum. The price experienced a significant drop below $0.090 and $0.0865, testing the $0.0760 support level. A low formed near $0.0760, followed by a recovery attempt that breached the $0.080 resistance zone.
However, DOGE remains below the $0.090 level and the 100 simple moving average. A critical bearish trend line near $0.0920 poses a substantial resistance challenge on the 4-hour chart.
On the upside, resistance is apparent around $0.0875, close to the 61.8% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. The next significant hurdle is at the $0.090 level. A successful close above $0.090 could propel the price toward the $0.092 resistance, with further gains targeting $0.095 and potentially $0.105.
Conversely, if DOGE fails to gain momentum above $0.0875, it might resume a fresh decline. Initial support lies near $0.080, followed by a more substantial support zone at $0.0760. A downside break below $0.0760 could lead to further declines, potentially testing the $0.0710 level.
Looking at technical indicators, the 4-hour #MACD for DOGE/USD is gaining momentum in the bearish zone, while the 4-hour RSI has dipped below the 50 level, indicating increased selling pressure.
In summary, Dogecoin faces key hurdles around $0.090 and $0.092, with failure to overcome these levels risking a renewed downtrend towards key support levels. Traders should closely monitor the price action and key resistance levels for potential trend confirmations.
Source - newsbtc.com
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