DOGE support is in danger: Can it hold steady without collapsing?
DOGE has continued to fall recently and has fallen below the key support level of $0.1120, but it is still struggling above $0.1, trying to rebound.
DOGE has broken through the two lines of defense of $0.1150 and $0.1120. The current price is not only below the support, but also below the 100-hour moving average.
On the 1-hour chart of DOGE, a bearish trend line is clearly visible, with resistance at $0.1175. Only by breaking through the double resistance of $0.1120 and $0.1175 can DOGE hope to regain its momentum!
After being blocked at $0.1320, DOGE fell in sync with Bitcoin and Ethereum, breaking through multiple supports one after another, and the lowest was $0.1025. Although it has rebounded above $0.1060, it is still fluctuating at a low level.
Currently, DOGE faces direct resistance at $0.1095, which is the 23.6% Fibonacci retracement level of the downward trend from the high of $0.1320 to the low of $0.1025. If it breaks through $0.1120, it may rise to $0.1175. However, it should be noted that there is still a bearish trend line suppression on the hourly chart.
If DOGE fails to break through $0.1095, it may fall again. The initial support is at $0.1060, and the key support is at $0.100. If it fails, it may slide to $0.0950 or even $0.0880.
Technical indicators show that the bearish momentum of Dogecoin MACD has weakened, the RSI is below 50, and the market confidence is insufficient. It has also performed generally in the rebound of the market in the past few days.
DOGE's support level faces severe challenges. If it fails to stabilize and break through, it may continue to decline.
Main support level: $0.1060, $0.1000;
Main resistance level: $0.1095, $0.1120.
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