Dogecoin Bears Return: Indicators Point To More Losses In DOGE
June 21 2024 - 1:08AM
NEWSBTC
Dogecoin started another decline from the $0.1285 resistance zone
against the US Dollar. DOGE is consolidating and might resume its
decline below $0.1220. DOGE price is moving lower below the $0.1250
support zone. The price is trading below the $0.1250 level and the
100-hourly simple moving average. There is a key rising channel or
a bearish flag pattern forming with support near $0.1220 on the
hourly chart of the DOGE/USD pair (data source from Kraken). The
price must settle above $0.1260 and $0.1285 to gain bullish
momentum and start a fresh increase. Dogecoin Price Dips Again
After a decent recovery wave, Dogecoin price faced resistance near
the $0.1285 zone. DOGE failed to continue higher and started a
fresh decline from the $0.1285 high like Bitcoin and Ethereum.
There was a move below the $0.1250 support level and the 100-hourly
simple moving average. The price dipped below the 23.6% Fib
retracement level of the upward move from the $0.1129 swing low to
the $0.1285 high. However, the bulls are now active near the
$0.1220 zone. Dogecoin is now trading below the $0.1250 level and
the 100-hourly simple moving average. There is also a key rising
channel or a bearish flag pattern forming with support near $0.1220
on the hourly chart of the DOGE/USD pair. If there is a fresh
increase, the price might face resistance near the $0.1260 level.
The next major resistance is near the $0.1285 level. A close above
the $0.1285 resistance might send the price toward the $0.1350
resistance. Any more gains might send the price toward the $0.1420
level. The next major stop for the bulls might be $0.150. More
Losses In DOGE? If DOGE’s price fails to gain pace above the
$0.1285 level, it could continue to move down. Initial support on
the downside is near the $0.1220 level. The next major support is
near the $0.1185 level. If there is a downside break below the
$0.1185 support, the price could decline further. In the stated
case, the price might decline toward the $0.1120 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 – $0.1220, $0.1185 and $0.1120. Major Resistance Levels –
$0.1260, $0.1285, and $0.1320.
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