Dogecoin has seen a fresh decline from the $0.0950 resistance against the US Dollar, highlighting the need for a close above $0.090 to prevent further decline.
The struggle near the $0.0950 resistance level has sparked a new decline for DOGE against the US dollar. Trading below the $0.090 level and the 100 simple moving average (4 hours) indicates potential for an extended decline, as shown by the key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair provided by Kraken.
The recent inability to gain momentum above $0.0920 and the subsequent decline below the $0.0900 and $0.0865 support levels suggest a challenging period for Dogecoin. However, the price is attempting a recovery wave after testing the $0.0760 zone. But with DOGE now trading below the $0.090 level and the 100 simple moving average (4 hours), the resistance near the $0.0875 level presents a major obstacle. The potential for decline persists unless the price manages to break above $0.090 and $0.0950.
Failure to gain momentum above the $0.0875 level could set DOGE on a path for further decline with initial support near the $0.080 level and major support near the $0.0760 level. Any downside break below this level may lead to further decline towards the $0.0710 level. The technical indicators also point towards a bearish trend, with the MACD for DOGE/USD gaining momentum in the bearish zone and the RSI now below the 50 level.
In conclusion, Dogecoin faces key hurdles in its price movement, with resistance levels at $0.0875, $0.0920, and $0.0950 and support levels at $0.080, $0.0760, and $0.0710. As in any cryptocurrency investment, the risks should be carefully considered, and due diligence is essential. This article is for educational purposes and should not be taken as financial advice. Always conduct your own research before making any investment decisions.
