DOGE Price Prediction – Dogecoin Faces Crucial Levels
Dogecoin has encountered significant resistance at the $0.1350 level and is now testing a crucial support level at $0.1200 against the US Dollar. The cryptocurrency has experienced bearish momentum, falling below $0.140 and $0.1350 levels in recent trading sessions. Currently, DOGE is trading below the $0.1350 level and the 100 simple moving average (4 hours), posing a challenge for a potential bullish rally.
Notably, a major bearish trend line has formed with resistance at $0.1350 on the 4-hour chart of the DOGE/USD pair. To move into a positive zone and initiate a fresh surge, DOGE must settle above $0.1420. This level serves as a critical resistance point for the cryptocurrency.
Following a dip below $0.150, Dogecoin has succumbed to losses, aligning with the broader bearish trend experienced by other major cryptocurrencies such as Bitcoin and Ethereum. The support zone at $0.1350 was breached, resulting in a formation of a low at $0.1201. Despite a marginal recovery wave above the $0.1250 level and a test of the 23.6% Fibonacci retracement level, the bears have managed to safeguard their gains above $0.130.
If Dogecoin fails to gain momentum above the $0.1350 level, the cryptocurrency may embark on another decline. Initial support is expected near the $0.1220 level, followed by crucial support at $0.120. A downside break below $0.120 could result in further decline, potentially leading the price towards the $0.1040 level.
Technical indicators are signaling bearish sentiment. The MACD for DOGE/USD on the 4-hour chart is exhibiting increasing momentum in the bearish zone. Additionally, the RSI (Relative Strength Index) is currently below the 50 level, indicating a bearish bias.
Key support levels to watch for are $0.1240, $0.1200, and $0.1040, while major resistance levels to monitor are $0.1300, $0.1350, and $0.1420.
It is important to note that the information provided in this article is for educational purposes only and does not constitute investment advice. Investors are advised to conduct their own research and exercise caution when making investment decisions.