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Dogecoin in Trouble: DOGE Breaking Support Could Spark Bearish Action

Started by Bitcoin, Jun 14, 2024, 08:10 am

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Dogecoin in Trouble: DOGE Breaking Support Could Spark Bearish Action

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.


Dogecoin Price

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.


Source: Dogecoin in Trouble: DOGE Breaking Support Could Spark Bearish Action