Dogecoin (DOGE) has been showing bearish signs below the $0.150 resistance zone against the US Dollar. The price is currently moving lower below the $0.150 support zone, trading below the $0.1450 level and the 100-hourly simple moving average. There was a significant break below a key bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair, indicating a potential downward trend.
After facing resistance near the $0.1500 zone, DOGE failed to continue its upward momentum and started a fresh decline below $0.1450. This decline also broke the $0.1420 support level and the 100-hourly simple moving average, signaling a shift in the market sentiment. The price also dropped below the 50% Fib retracement level of the previous upward move from the $0.1337 swing low to the $0.1505 high, indicating increased selling pressure.
In order for DOGE to gain bullish momentum and continue higher, the price must settle above $0.1450. If there is a fresh increase, the price might face resistance near the $0.1420 level, with the next major resistance at $0.1450. A close above the $0.1450 level could potentially send the price towards the $0.150 resistance, with further gains leading to a push towards the $0.1632 level. The next major stop for the bulls might be at $0.1720, representing a significant milestone for the cryptocurrency.
However, if DOGE’s price fails to gain pace above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.140 level, with the next major support at $0.1375. A downside break below the $0.1375 support could lead to further decline, potentially towards the $0.130 level. This scenario would indicate a bearish trend for DOGE in the short term.
The hourly MACD for DOGE/USD is now gaining momentum in the bearish zone, reflecting the increased selling pressure in the market. The hourly RSI (Relative Strength Index) for DOGE/USD is now below the 50 level, indicating a potential shift in market sentiment towards the bearish side.
Dogecoin’s price prediction is currently showing bearish signs below the $0.150 resistance zone. With key support levels at $0.1400, $0.1375, and $0.1300, and resistance levels at $0.1450, $0.1500, and $0.1632, it is crucial for DOGE to break above the $0.1450 level to gain bullish momentum and continue its upward trajectory. However, failure to do so could lead to further downside movement towards the $0.130 level, indicating a potential bearish trend for the cryptocurrency in the near term.