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Dogecoin has recently undergone a challenging period against the dollar. The cryptocurrency struggled below the $0.180 resistance area and had to work hard to stay above the $0.1450 support zone. This situation turned Dogecoin‘s price red and worried investors.
Why Is Dogecoin’s Price Falling?
The recent decline stems from Dogecoin’s struggle to surpass the $0.20 resistance area. A sharp drop below the $0.180 and $0.1650 levels led the cryptocurrency to retreat to as low as $0.1283. However, following this drop, Dogecoin experienced a recovery, climbing above the $0.1450 support level.
Yet, Dogecoin still appears to be in a tough battle. Bears are actively working near the $0.1680 resistance level and the 50% Fibonacci retracement level of the drop from $0.2096 to $0.1283. This shows that the price is currently consolidating near the $0.1550 level.
DOGE Bears Hold Control
According to technical analysis, Dogecoin being below the $0.1600 level and the 100 simple moving average indicates that bears are in control. However, upward movements might encounter resistance near the $0.160 level. A close above the $0.170 resistance could push the price towards the $0.1880 resistance and possibly lead to further gains.
However, investors should watch for Dogecoin’s price to stabilize at certain levels and break above significant support and resistance points. Particularly, a close below the $0.1450 support level could indicate a potential decline.
Key Support and Resistance Levels for DOGE
An important point to watch for Dogecoin in the coming period is the first support region near $0.1520. A break below this level could lead to further price declines. The next main support level is around $0.1450. If this support level is also broken downwards, it is likely that DOGE‘s price could fall towards the $0.120 level.
When examining technical indicators, the 4-hour MACD is gaining momentum in the bearish zone. Similarly, the 4-hour RSI (Relative Strength Index) is also trending below the 50 level. These indicators suggest that the current trend could be downward.
Considering DOGE’s significant support and resistance levels, $0.1600, $0.1780, and $0.200 emerge as resistance levels. However, if DOGE experiences further declines, support levels like $0.1520, $0.1450, and $0.1280 will become important.
