Dogecoin (DOGE) Struggles to Recover Amid Weak Rebound Attempts
Dogecoin (DOGE) Struggles to Recover Amid Weak Rebound Attempts
Dogecoin (DOGE) has entered a fresh decline, falling below the $0.180 zone against the US Dollar. Despite several attempts at recovery, DOGE faces significant hurdles near $0.1650 and $0.170, suggesting a continued struggle to regain momentum. The price is currently trading below key moving averages, with a bearish trend line indicating further downside risk. Analysts point to major support levels at $0.1550 and $0.1380, warning that a break below these could lead to further declines toward $0.120 or even $0.1050, mirroring declines seen in other major cryptocurrencies like Bitcoin and Ethereum.
Dogecoin started a fresh decline below the $0.180 zone against the US Dollar. DOGE is now correcting some losses and might face hurdles near $0.1650. DOGE price started a fresh decline below the $0.180 level. The price is trading below the $0.170 level and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $0.1650 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if it stays below $0.1650 and $0.170.
Dogecoin Price Attempts Recovery
Dogecoin price started a fresh decline after it closed below $0.20, like Bitcoin and Ethereum. DOGE declined below the $0.180 and $0.1720 support levels. The price even traded below $0.1650. A low was formed near $0.1535, and the price recently attempted a recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $0.1776 swing high to the $0.1535 low. However, the bears were active near the $0.1620 resistance. Besides, there is a bearish trend line forming with resistance at $0.1650 on the hourly chart of the DOGE/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.1776 swing high to the $0.1535 low.
Dogecoin price is now trading below the $0.1620 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1640 level. The first major resistance for the bulls could be near the $0.1650 level. The next major resistance is near the $0.170 level. A close above the $0.170 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.1840 level. The next major stop for the bulls might be $0.20.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1650 level, it could continue to move down. Initial support on the downside is near the $0.1550 level. The next major support is near the $0.150 level. The main support sits at $0.1380. If there is a downside break below the $0.1380 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1050 in the near term.
Technical Indicators
- Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
- Major Support Levels – $0.1550 and $0.1380.
- Major Resistance Levels – $0.1650 and $0.1700.