Dogecoin has begun a fresh decline against the US Dollar, falling below the $0.1420 level. It is now consolidating its losses, but faces a key hurdle near $0.1440. The price is currently trading below both $0.1420 and the 100-hour simple moving average. A bearish trend line is forming with resistance at $0.1440 on the hourly chart.
The decline followed a close below $0.1465, with DOGE dropping below the $0.1440 and $0.140 support levels, even trading under $0.1380. A low was established near $0.1363 before a minor recovery, which saw the price rise above the 23.6% Fibonacci retracement level of the recent drop from $0.1530 to $0.1363.
For any recovery, immediate resistance lies near $0.1425. The first major resistance is at $0.1440, aligned with the bearish trend line. The next significant resistance is near $0.1490, which coincides with the 76.4% Fibonacci retracement level. A close above $0.1490 could push the price toward $0.1530, with further gains possibly targeting $0.1550 and then $0.1620.
If DOGE fails to break above $0.1440, it could resume its decline. Initial support is near $0.1380, followed by $0.1360. The main support sits at $0.1320. A break below this level could lead to further losses toward $0.1250 or even $0.1240.
Technical Indicators:
– Hourly MACD: Losing momentum in the bearish zone.
– Hourly RSI: Currently above the 50 level.
– Major Support Levels: $0.1360 and $0.1320.
– Major Resistance Levels: $0.1440 and $0.1490.
Frequently Asked Questions
FAQs About Dogecoins Loss of Momentum
BeginnerLevel Questions
Q1 What does it mean that Dogecoin is losing momentum
A It means the price is struggling to go up trading volume is often low and theres more selling pressure than buying interest It feels like the coin is stuck or slowly drifting down
Q2 What are bearish indicators
A These are signals from charts and market data that suggest the price is more likely to fall than rise Think of them as warning lights on a dashboard
Q3 Is Dogecoin going to crash to zero
A While a major decline is possible going to zero is unlikely for a cryptocurrency with Dogecoins large community and recognition However its value can drop significantly from current levels
Q4 Should I sell my Dogecoin right now
A This is a personal financial decision If youre worried about further losses selling some or all to protect your capital might be a strategy Never invest more than you can afford to lose
Q5 Why is this happening to Dogecoin
A Several factors can combine a general downturn in the crypto market loss of hype or memecoin interest fewer major announcements or endorsements and investors moving money to other assets
Intermediate Advanced Questions
Q6 What specific technical indicators are pointing to further declines
A Common ones include the price trading below key moving averages the Relative Strength Index staying in oversold or neutral territory without bullish momentum and breaking below important historical support levels
Q7 Is the loss of momentum due to Dogecoins fundamentals or broader market conditions
A Its usually both Dogecoin has minimal development compared to smart contract platforms so its highly sensitive to market sentiment and hype A bearish broader crypto market amplifies Dogecoins weaknesses
Q8 What is a support level and what happens if Dogecoin breaks below it
A A support level is a price point where buying has historically stepped in to prevent further falls If it breaks decisively it can trigger more selling as stops are hit potentially leading to a swift drop to the