Dogecoin (DOGE) Recovery Capped As Momentum Turns | Crypto News
Dogecoin began a recent decline below the $0.1050 zone against the US Dollar. DOGE is now consolidating losses and would possibly face hurdles close to $0.10 and $0.1040.
- DOGE price began a recent decline below the $0.1050 stage.
- The price is trading below the $0.10 stage and the 100-hourly simple shifting average.
- There is a key bearish pattern line forming with resistance at $0.1005 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may prolong losses if it stays below $0.1020 and $0.1040.
Dogecoin Price Faces Uphill Task
Dogecoin price began a recent decline after it closed below $0.1050, like Bitcoin and Ethereum. DOGE declined below the $0.1040 and $0.1020 help ranges.
The price even traded below $0.10. A low was shaped close to $0.0955, and the price is now exhibiting bearish indicators. There was a recovery wave above $0.0980, but the price stayed below the 23.6% Fib retracement stage of the downward transfer from the $0.1174 swing high to the $0.0955 low.
Dogecoin price is now trading below the $0.10 stage and the 100-hourly simple shifting average. There is also a key bearish pattern line forming with resistance at $0.1005 on the hourly chart of the DOGE/USD pair.
If there may be a recovery wave, fast resistance on the upside is close to the $0.10 stage. The first major resistance for the bulls might be close to the $0.1005 stage and the pattern line. The next major resistance is close to the $0.1040 stage or the 38.2% Fib retracement stage of the downward transfer from the $0.1174 swing high to the $0.0955 low.
A close above the $0.1040 resistance would possibly ship the price toward the $0.1065 resistance. Any more good points would possibly ship the price toward the $0.1120 stage. The next major stop for the bulls could be $0.1150.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1040 stage, it may continue to transfer down. Initial help on the draw back is close to the $0.0955 stage. The next major help is close to the $0.0920 stage.
The main help sits at $0.0880. If there may be a draw back break below the $0.0880 help, the price may decline additional. In the acknowledged case, the price would possibly slide toward the $0.0832 stage or even $0.0820 in the close to time period.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 stage.
Major Support Levels – $0.0955 and $0.0920.
Major Resistance Levels – $0.1005 and $0.1040.
Stay up to date with the latest trending crypto news! Visit our web site daily for the freshest Crypto news and content, fastidiously curated to keep you informed.
