Dogecoin has fallen below $0.1550 against the US Dollar and is currently consolidating its losses. It may encounter resistance around $0.1560. The price is now trading under $0.150 and below the 100-hour simple moving average. A bearish trend line is visible on the hourly chart for DOGE/USD, with resistance at $0.1550. If the price remains below $0.1550 and $0.1620, further declines are possible.
After closing below $0.1620, Dogecoin began a new downtrend, similar to Bitcoin and Ethereum. It dropped past support levels at $0.160 and $0.1550, even dipping below $0.150 to form a low near $0.1448. Currently, the price shows bearish signals below the 23.6% Fibonacci retracement level of the drop from $0.1593 to $0.1448. The same bearish trend line with resistance at $0.1550 is present on the chart.
For any recovery, initial resistance lies at $0.1520. The first significant hurdle is around $0.1550, which aligns with the trend line and the 76.4% Fibonacci retracement level. Beyond that, the next key resistance is at $0.1620. A close above this level could push the price toward $0.170, and further gains might target $0.1740, with a major bullish objective at $0.1880.
If Dogecoin fails to break above $0.1550, it could continue to decline. The first support is near $0.1450, followed by $0.1320, and the main support at $0.1250. A break below $0.1250 might lead to further losses, potentially down to $0.120 or even $0.1120.
Technical indicators show the hourly MACD gaining bearish momentum, and the RSI is below 50. Key support levels are $0.1450 and $0.1380, while major resistance levels are $0.1550 and $0.1620.
Frequently Asked Questions
Of course Here is a list of helpful and clear FAQs about Dogecoins price drop and trader pessimism
BeginnerLevel Questions
1 Why is the price of Dogecoin dropping so much
Dogecoins price is dropping primarily because there are more people wanting to sell it than buy it This is often driven by negative market sentiment broader cryptocurrency market downturns or a loss of confidence in its shortterm potential
2 What does traders are pessimistic mean
It means that people who trade cryptocurrencies are feeling doubtful and fearful about Dogecoins price going up in the near future This pessimism leads them to sell their holdings which pushes the price down further
3 Is Dogecoin a good longterm investment
This is highly speculative While it has a strong community Dogecoin was created as a joke and lacks the technical development of cryptocurrencies like Ethereum Its value is heavily influenced by social media trends and celebrity endorsements making it a very volatile and risky longterm investment
4 Should I buy more Dogecoin now that the price is low
This is a personal decision but its important to be cautious Buying during a dip can be profitable if the price recovers but it could also drop further Never invest more money than you are willing to lose especially with a volatile asset like Dogecoin
5 Where can I check the current price of Dogecoin
You can check the price on popular cryptocurrency tracking websites and apps like CoinMarketCap CoinGecko or the exchange where you hold your coins
Advanced Practical Questions
6 What are the main factors causing this specific selloff
The selloff can be triggered by a combination of factors including
Broader Market Conditions If major cryptocurrencies like Bitcoin and Ethereum are falling Dogecoin often follows
Negative News or Sentiment Critical comments from influential figures regulatory fears or negative news cycles can spark panic selling
ProfitTaking Traders who bought at lower prices may be selling to secure their profits before the price drops more
Lack of New Developments A slowdown in major technological upgrades or adoption can lead to waning interest