Dogecoin Price (DOGE) Slips Alongside Bitcoin and Ethereum: Market Analysis
August 05 2024 - 1:58AM
NEWSBTC
Dogecoin started a major decline below the $0.1150 zone against the
US Dollar. DOGE is now trading below $0.100 and showing many
bearish signs. DOGE price is down over 15% from well above the
$0.1200 pivot zone. The price is trading below the $0.100 level and
the 100-hourly simple moving average. There is a key bearish trend
line forming with resistance at $0.1000 on the hourly chart of the
DOGE/USD pair (data source from Kraken). The price could continue
to move down unless it reclaims the $0.100 resistance zone.
Dogecoin Price Drops Over 15% In the past few sessions, Dogecoin
price saw a major decline like Bitcoin and Ethereum. The bears took
control and pushed the price below the $0.1120 and $0.1050 support
levels. The price even declined below the $0.1000 support. A low
was formed at $0.0881 and DOGE price is now consolidating losses.
The price is showing many bearish signs below the 23.6% Fib
retracement level of the downward move from the $0.1194 swing high
to the $0.0881 low. Dogecoin is now trading below the $0.100 level
and the 100-hourly simple moving average. Immediate resistance on
the upside is near the $0.0950 level. The next major resistance is
near the $0.1000 level. There is also a key bearish trend line
forming with resistance at $0.1000 on the hourly chart of the
DOGE/USD pair. A close above the $0.100 resistance might send the
price toward the $0.1040 resistance or the 50% Fib retracement
level of the downward move from the $0.1194 swing high to the
$0.0881 low. Any more gains might send the price toward the $0.1080
level. The next major stop for the bulls might be $0.1120. More
Downsides In DOGE? If DOGE’s price fails to recover above the
$0.1000 level, it could start another decline. Initial support on
the downside is near the $0.0880 level. The next major support is
near the $0.0850 level. The main support sits at $0.0780. If there
is a downside break below the $0.0780 support, the price could
decline further. In the stated case, the price might decline toward
the $0.0720 level. 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 level. Major Support Levels – $0.0880 and $0.0780. Major
Resistance Levels – $0.0950 and $0.1000.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024