After a period of steady growth, Dogecoin (DOGE) has hit a rough patch, experiencing notable price declines. The canine-themed cryptocurrency saw sellers take control near the $0.1085 level, leading to a significant downturn. This recent shift mirrors the broader bearish trends seen in major cryptocurrencies like Bitcoin and Ethereum.
The DOGE price initially peaked at $0.1084 but has since struggled to maintain its upward momentum. After breaking below the critical $0.1050 support zone, Dogecoin fell further, dropping below the $0.1035 level. This decline took DOGE beneath the 50% Fibonacci retracement level of its recent bullish move from the $0.0978 swing low to the $0.1084 high. Additionally, a key bearish trend line is forming with resistance at $0.1050, adding to the pressure on the price.
Currently, Dogecoin is trading below the $0.1035 mark and the 100-hourly simple moving average. The cryptocurrency is also testing the 76.4% Fibonacci retracement level of the aforementioned upward move. Immediate resistance on the upside is near $0.1032, with a more significant hurdle at the $0.1045 level. A successful break above $0.1045 could pave the way for a potential rally towards $0.1050 and possibly even $0.1085. If bullish momentum persists, the next major target for DOGE could be $0.1120.
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However, if Dogecoin fails to reclaim the $0.1035 level, the outlook could turn more pessimistic. Initial support lies around $0.1000, followed by a more substantial support level near $0.0980. The main support zone sits at $0.0918. A decisive break below this critical support could trigger further declines, potentially pushing DOGE towards $0.0880 or even $0.0850 in the short term.
As Dogecoin navigates this turbulent period, traders and investors will be closely watching for any signs of a reversal or further decline. The next few days will be crucial in determining whether DOGE can rebound or if it will face deeper losses.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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