Dogecoin is currently displaying bearish signs below the $0.150 resistance zone against the US Dollar. The price is struggling to maintain its position above key support levels, indicating a potential downtrend in the near future.
The price of DOGE is currently trading below the $0.1450 level and the 100-hourly simple moving average. Additionally, there was a break below a significant bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair sourced from Kraken. These technical indicators suggest that the price may continue to decrease in the coming sessions.
After facing resistance near the $0.1500 zone, Dogecoin failed to sustain its upward momentum and began a fresh decline below $0.1450. The bulls are now trying to defend the $0.140 support zone and the 61.8% Fib retracement level. However, if the price fails to gain traction above the $0.1450 level, it could potentially drop even further.
If there is a renewed increase in price, DOGE might encounter resistance near the $0.1420 level, followed by the major resistance at $0.1450. A break above this level could push the price towards the $0.150 resistance, and possibly even up to $0.1632. On the contrary, a downside break below the $0.1375 support level could lead to a further decline towards $0.130.
The hourly MACD for DOGE/USD is currently gaining momentum in the bearish zone, signaling a potential downtrend. The hourly RSI is also below the 50 level, indicating a bearish sentiment among traders.
Dogecoin is facing significant resistance below the $0.150 zone and may continue to move lower if it fails to break above key resistance levels. Traders should monitor the price closely for any signs of a trend reversal or further downtrend in the coming sessions.
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