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Will Dogecoin (DOGE) Continue to Fade? Check out this Meme Currency’s Latest Challenge!

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Will Dogecoin (DOGE) Continue to Fade? Check out this Meme Currency’s Latest Challenge!

Jakarta, Pintu News – Dogecoin (DOGE) has experienced a fresh drop from the $0.1700 zone against the US Dollar. Currently, DOGE is consolidating and seems to be struggling to recover past $0.1650.

Dogecoin’s (DOGE) Difficulty in Achieving Recovery

Dogecoin (DOGE) started a fresh decline after failing to break the $0.170 price, in contrast to Bitcoin (BTC) and Ethereum (ETH) which continue to show positive performance. DOGE dropped below the $0.1650 and $0.1600 support levels. Sellers managed to push the price below the $0.1585 support level, even approaching the $0.1575 support.

The lowest point was recorded at $0.1573, and recently the price tried to recover some losses with a slight rise above the 23.6% Fibonacci retracement level of the move down from $0.1693 to $0.1573. Currently, Dogecoin (DOGE) price is trading below $0.1620 and the 100-hour simple moving average. Immediate resistance on the upside is near $0.1620, with a bearish trend line forming with resistance at $0.1620 on the hourly chart of the DOGE/USD pair.

Also Read: Massive Spike! Shiba Inu Burn Rate Up 2000%, Will Prices Soar?

Resistance and Recovery Potential

The first major resistance for the buyers is near the $0.1635 level and the 50% Fibonacci retracement level of the move down from $0.1693 to $0.1573. The next major resistance is near $0.1665. A close above the $0.1665 resistance will probably push the price towards $0.1700. A further rise could lead the price towards $0.1720, and the next big stop for the buyers might be $0.1800.

Possible Further Decline

If the price of Dogecoin (DOGE) fails to rise above the $0.1620 level, there could be another drop. Initial support on the downside is near $0.1575. The next major support is near $0.1540. The major support is at $0.1500. In case of a downward break below the $0.1500 support, the price could drop further. In that case, the price may drop towards $0.1420 or even $0.1350 in the short term.

Technical Indicators

The hourly MACD indicator for DOGE/USD is now showing momentum in the bearish zone. The hourly Relative Strength Index (RSI) for DOGE/USD is now below the 50 level. The key support levels are $0.1575 and $0.1540, while the key resistance levels are $0.1620 and $0.1665.

Conclusion

Dogecoin (DOGE) is facing an uphill battle to get back on track. With strong resistance and bearish indicators, the chances of a price recovery in the near future seem slim. Investors and market watchers should pay attention to key support levels in anticipation of further price movements.

Also Read: XRP: Key to the Future of Global Financial Infrastructure

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

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