Dogecoin declined over 8% and traded below $0.080 against the US Dollar. DOGE tested the $0.070 zone and remains at a risk of more losses.
- DOGE gained pace and traded below the $0.080 support against the US dollar.
- The price is trading well below the $0.080 zone and the 100 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near $0.080 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The pair could correct higher, but upsides might be limited above the $0.080 resistance.
Dogecoin Price Nosedives
After struggling to clear the $0.0925 zone, dogecoin price started a steady decline. DOGE declined below the $0.085 and $0.084 support levels to enter a bearish zone.
In the past few sessions, there was a strong decline in DOGE, similar to bitcoin and ethereum. The price declined over 8% and there was a strong move below the $0.080 support. The price even traded close to the $0.070 level. A low is formed near $0.0703 and the price is now correcting losses.
On the upside, the price is facing resistance near the $0.0765 level. It is near the 50% Fib retracement level of the recent decline from the $0.0831 swing high to $0.0703 low.
The first major resistance is near the $0.0780 level. It is near the 61.8% Fib retracement level of the recent decline from the $0.0831 swing high to $0.0703 low. There is also a crucial bearish trend line forming with resistance near $0.080 on the 4-hours chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
A clear move above the $0.080 resistance might send the price towards the $0.085 resistance. Any more gains might send the price towards the $0.092 level. A clear move above the $0.0920 resistance could open the gates for an increase towards the $0.100 level.
More Losses in DOGE?
If DOGE price fails to gain pace above the $0.078 level, it could continue to move down. An initial support on the downside is near the $0.072 level.
The next major support is near the $0.070 level. If there is a downside break below the $0.070 support, the price could decline further. In the stated case, the price might decline towards the $0.0665 level.
Technical Indicators
4-Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 30 level.
Major Support Levels – $0.072, $0.070 and $0.0665.
Major Resistance Levels – $0.0765, $0.078 and $0.080.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.newsbtc.com/analysis/dogecoin-price-prediction-doge-0-07/
- 100
- a
- above
- against
- and
- average
- bearish
- below
- Break
- case
- Chart
- clear
- Close
- continue
- could
- crucial
- data
- Decline
- Doge
- Doge price
- DOGE/USD
- Dogecoin
- dogecoin price
- Dogecoin price prediction
- Dollar
- down
- downside
- Enter
- Even
- facing
- fails
- few
- First
- formed
- from
- further
- Gain
- Gains
- Gates
- High
- higher
- Hit
- HTTPS
- in
- Increase
- index
- initial
- IT
- Kraken
- Level
- levels
- Limited
- Line
- losing
- losses
- Low
- MACD
- major
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- NewsBTC
- next
- open
- Pace
- past
- plato
- Plato Data Intelligence
- PlatoData
- prediction
- price
- Price Prediction
- recent
- relative strength index
- remains
- Resistance
- retracement
- Risk
- rsi
- sessions
- similar
- Simple
- Source
- started
- stated
- steady
- strength
- strong
- Struggling
- support
- support levels
- takes
- The
- to
- towards
- traded
- Trading
- TradingView
- Trend
- Upside
- us
- US Dollar
- zephyrnet