Dogecoin in Trouble: DOGE Breaking Support Could Spark Bearish Action
June 14 2024 - 12:48AM
NEWSBTC
Dogecoin is showing bearish signs below the $0.150 resistance zone
against the US Dollar. DOGE could accelerate lower if it breaks the
$0.140 support. DOGE price is moving lower below the $0.150 support
zone. The price is trading below the $0.1450 level and the
100-hourly simple moving average. There was a break below a key
bullish trend line with support near $0.1425 on the hourly chart of
the DOGE/USD pair (data source from Kraken). The price must settle
above $0.1450 to gain bullish momentum and continue higher.
Dogecoin Price Dips Again After a decent increase, Dogecoin price
faced resistance near the $0.1500 zone. DOGE failed to continue
higher and started a fresh decline below $0.1450 like Bitcoin and
Ethereum. There was a move below the $0.1420 support level and the
100-hourly simple moving average. The price dipped below the 50%
Fib retracement level of the upward move from the $0.1337 swing low
to the $0.1505 high. Besides, there was a break below a key bullish
trend line with support near $0.1425 on the hourly chart of the
DOGE/USD pair. Dogecoin is now trading below the $0.1450 level and
the 100-hourly simple moving average. The bulls are now protecting
the $0.140 support zone and the 61.8% Fib retracement level of the
upward move from the $0.1337 swing low to the $0.1505 high. If
there is a fresh increase, the price might face resistance near the
$0.1420 level. The next major resistance is near the $0.1450 level.
A close above the $0.1450 resistance might send the price toward
the $0.150 resistance. Any more gains might send the price toward
the $0.1632 level. The next major stop for the bulls might be
$0.1720. More Losses In DOGE? If DOGE’s price fails to gain pace
above the $0.1450 level, it could continue to move down. Initial
support on the downside is near the $0.140 level. The next major
support is near the $0.1375 level. If there is a downside break
below the $0.1375 support, the price could decline further. In the
stated case, the price might decline toward the $0.130 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 – $0.1400, $0.1375 and $0.1300. Major Resistance
Levels – $0.1450, $0.1500, and $0.1632.
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