Dogecoin Price Prediction: DOGE Dips Below Support, Bearish Trend?
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Dogecoin (DOGE) has entered a bearish trend, declining from the $0.20 zone. The price currently consolidates losses below the $0.1850 level and the 100-hourly simple moving average. A key bearish trend line forms resistance at $0.1880. Failure to break above $0.1850 could lead to further declines, with initial support at $0.1685 and stronger support at $0.1650 and $0.1550. A break below $0.1550 might push the price towards $0.1350 or even $0.1320. Conversely, clearing the $0.1880 resistance could propel DOGE towards $0.20, then potentially $0.2050 and $0.2120. Technical indicators show weakening bearish momentum; the hourly MACD is losing momentum in the bearish zone, and the hourly RSI is below 50. The analysis suggests a bearish outlook for DOGE unless it reclaims significant resistance levels. The article presents a detailed technical analysis of DOGE's price action, focusing on support and resistance levels, Fibonacci retracements, and key moving averages. It cautions traders about the potential for further losses if the price fails to break above key resistance levels, while also outlining potential upside targets if the price manages to break through resistance. The analysis uses data from Kraken, and highlights the correlation of DOGE's price movement with Bitcoin and Ethereum's performance. The summary provides actionable insights for both long and short-term trading strategies based on the current market conditions and technical indicators.
(Source: https://www.newsbtc.com/analysis/doge/dogecoin-doge-gains-bearish-momentum-0-1680/)
