Dogecoin (DOGE) has recently dropped from the $0.180 level, testing support near $0.1420 before attempting a rebound. The latest decline in Dogecoin is due to the failure to break through the resistance level of $0.180, mirroring the trends of major cryptocurrencies like Bitcoin and Ethereum. Dogecoin is currently trading below $0.1650 and the 100-hour simple moving average, presenting direct obstacles to its rebound. A key bearish trend line forms resistance around $0.1580 on the DOGE hourly chart, becoming a significant hurdle. Breaking through the levels of $0.1550 and $0.1580 is crucial for DOGE to regain upward momentum.
DOGE is expected to regain momentum.
If DOGE breaks through $0.1580, the next target is the resistance level of $0.1600, which could prompt further rises to the $0.1650 level. In this case, the 61.8% Fibonacci retracement level from DOGE's high of $0.1790 to low of $0.1422 may become the next potential stop-loss point for bullish momentum. Breaking through these levels could lead to a test of $0.1720, giving the token a stronger position to attempt an upward trajectory.
Another downturn may be imminent.
If DOGE fails to break through the resistance level of $0.1550, it may decline again. The initial support level is near $0.1480, with stronger support at $0.1420. Breaking below this level could lead to further declines and may push DOGE into a consolidation phase.
Currently, DOGE's trend depends on whether it can break through key resistance levels, leading to a gradual recovery or another decline in the short term.
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