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Dogecoin (DOGE) Rebound Looks Fragile With Multiple Hurdles Ahead

Dogecoin began a recent decline beneath the $0.1280 zone towards the US Dollar. DOGE is now consolidating losses and would possibly face hurdles close to $0.130.

  • DOGE worth began a recent decline beneath the $0.120 stage.
  • The worth is buying and selling beneath the $0.1280 stage and the 100-hourly easy transferring common.
  • There is a key bearish pattern line forming with resistance at $0.130 on the hourly chart of the DOGE/USD pair (information supply from Kraken).
  • The worth might lengthen losses if it stays beneath $0.1300 and $0.1320.

Dogecoin Price Dives Below Support

Dogecoin worth began a recent decline after it closed beneath $0.1320, like Bitcoin and Ethereum. DOGE declined beneath the $0.1280 and $0.1220 help ranges.

The worth even traded beneath $0.1180. A low was shaped close to $0.1155, and the worth is now exhibiting bearish indicators. There was a restoration wave above $0.120. The worth climbed above the 23.6% Fib retracement stage of the downward transfer from the $0.1512 swing high to the $0.1155 low.

Dogecoin worth is now buying and selling beneath the $0.1280 stage and the 100-hourly easy transferring common. If there’s a restoration wave, quick resistance on the upside is close to the $0.1280 stage.

The first main resistance for the bulls may very well be close to the $0.130 stage and the pattern line. The subsequent main resistance is close to the $0.1330 stage or the 50% Fib retracement stage of the downward transfer from the $0.1512 swing high to the $0.1155 low.

An in depth above the $0.1330 resistance would possibly ship the worth towards the $0.1375 resistance. Any extra positive factors would possibly ship the worth towards the $0.140 stage. The subsequent main cease for the bulls could be $0.1420.

Another Decline In DOGE?

If DOGE’s worth fails to climb above the $0.1300 stage, it might proceed to maneuver down. Initial help on the draw back is close to the $0.1215 stage. The subsequent main help is close to the $0.120 stage.

The fundamental help sits at $0.1150. If there’s a draw back break beneath the $0.1150 help, the worth might decline additional. In the acknowledged case, the worth would possibly slide towards the $0.1120 stage and even $0.1050 within the close to time period.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now shedding momentum within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now beneath the 50 stage.

Major Support Levels – $0.1215 and $0.1200.

Major Resistance Levels – $0.1300 and $0.1330.

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