# $DOGE #Dogecoin #CryptoNews #Cryptocurrency #DeFi #Blockchain #Investing #MarketTrends #Altcoins #TechnicalAnalysis #DogecoinNews
Is Dogecoin Nearing Its Lowest Point? Find Out What Experts Predict!
In recent dogecoin news, the popular cryptocurrency has slipped below the critical $0.1400 mark against the US Dollar, raising concerns among investors. As DOGE consolidates its losses, it faces significant resistance near the $0.1400 level. Currently, the price hovers below the $0.1380 threshold and the 100-hour simple moving average, indicating a bearish trend that may continue unless certain resistance levels are breached.
Current Market Overview
The price of Dogecoin recently began a fresh decline after closing below $0.1420, mirroring trends seen in larger cryptocurrencies like Bitcoin and Ethereum. Following this downturn, DOGE broke through the $0.1400 and $0.1380 support levels, even dipping below $0.1350 at one point. A recent low formed around $0.1326, though the price has since corrected slightly, showing a minor upward movement towards the 23.6% Fibonacci retracement level of the prior decline from $0.1530 to $0.1326.
Presently, Dogecoin trades below the pivotal $0.1400 mark, alongside the 100-hourly simple moving average. Should a recovery attempt occur, immediate resistance lurks near the $0.1380 level. Additionally, a bearish trend line is forming with resistance at $0.1375 on the hourly chart of the DOGE/USD pair.
Resistance Levels to Watch
For bullish investors, the first major resistance level to overcome is around $0.1400, followed closely by $0.1425, which coincides with the 50% Fibonacci retracement of the decline from $0.1530 to $0.1326. A successful close above the $0.1425 resistance could propel prices towards $0.1450. Any further gains might push DOGE closer to the $0.1500 mark, with the next significant stop for bulls potentially at $0.1550.
Potential for Further Decline
Conversely, if DOGE fails to climb above the $0.140 level, it risks continuing its downward trajectory. Immediate support is established near the $0.1340 level, with the next major support around $0.1325. The most critical support remains at $0.130. Should the price break below this vital level, further declines could occur, potentially reaching $0.1250 or even $0.1240 in the near term.
Technical Indicators
The MACD for DOGE/USD is currently gaining momentum within a bearish zone, suggesting selling pressure remains prevalent. Additionally, the hourly Relative Strength Index (RSI) is hovering just above the 50 level, indicating that the market’s momentum may still be uncertain.
In conclusion, as Dogecoin grapples with significant resistance and potential for further declines, investors must remain vigilant. For more insights into the cryptocurrency market, consider exploring additional resources. Stay updated and informed about your investments by checking the latest developments in the crypto space. For trading opportunities, visit this link to explore options on one of the largest exchanges in the world.
As the market continues to evolve, keeping an eye on Dogecoin’s price movements will be crucial for both short-term traders and long-term investors alike.
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