Dogecoin has begun a new downturn against the US Dollar, falling below $0.180. Currently, DOGE is attempting to recover some of its losses but may encounter resistance around $0.1650. The price is now below $0.170 and the 100-hour simple moving average. A bearish trend line is forming on the hourly chart for DOGE/USD, with resistance at $0.1650. If the price remains below $0.1650 and $0.170, further losses could follow.
After closing under $0.20, Dogecoin initiated a fresh decline, similar to Bitcoin and Ethereum. It dropped below support levels at $0.180 and $0.1720, even trading under $0.1650 and hitting a low near $0.1535 before attempting a rebound. The price managed to climb above the 23.6% Fibonacci retracement level of the drop from $0.1776 to $0.1535 but faced selling pressure near $0.1620. Additionally, the bearish trend line at $0.1650 aligns with the 50% Fibonacci retracement level of the same decline.
Currently, DOGE is trading below $0.1620 and the 100-hour simple moving average. If a recovery occurs, immediate resistance is around $0.1640, with the first major hurdle at $0.1650. The next significant resistance is at $0.170. A close above $0.170 could push the price toward $0.180, and further gains might target $0.1840, with $0.20 being the next key level for bulls.
Should DOGE fail to surpass $0.1650, it may continue to decline. Initial support lies near $0.1550, followed by major support at $0.150. The main support is at $0.1380; a break below this level could lead to further drops toward $0.120 or even $0.1050 in the short term.
Technical indicators show:
– Hourly MACD: Gaining momentum in the bullish zone.
– Hourly RSI: Above 50.
– Major Support Levels: $0.1550 and $0.1380.
– Major Resistance Levels: $0.1650 and $0.1700.
Frequently Asked Questions
Of course Here is a list of FAQs about Dogecoins weak recovery attempts designed to be clear and helpful for all levels of understanding
BeginnerLevel Questions
1 What does it mean that Dogecoin is struggling to recover
It means that after its price dropped Dogecoin has had a hard time climbing back up to its previous higher values The upward moves or rebounds have been small and shortlived
2 Why is Dogecoins price not going up like it used to
Several factors can contribute including a decrease in overall market excitement less influential support from prominent figures and a general shift in investor interest towards other cryptocurrencies or projects with more perceived utility
3 Is Dogecoin a bad investment because of this
All investments carry risk especially cryptocurrencies Dogecoins weak recovery could be a sign of decreased momentum Its crucial to only invest money you are prepared to lose and to do your own research
4 What was the Dogecoin hype all about
The hype was primarily driven by a strong online community viral social media trends and endorsements from celebrities like Elon Musk This created a massive surge in buying and a rapid price increase in 2021
IntermediateLevel Questions
5 What are the main reasons Dogecoin is having a weak rebound
Key reasons often include
Lack of Major Developments Unlike other cryptocurrencies Dogecoin has fewer ongoing technical upgrades or new use cases being developed
Market Sentiment The overall crypto winter or bear market can disproportionately affect more speculative assets like Dogecoin
Selling Pressure As the price tries to rise some investors sell to break even or cut losses which pushes the price back down
6 How does market sentiment affect Dogecoins price
Market sentiment is the overall attitude of investors When sentiment is fearful or negative people are less likely to buy risky assets Since Dogecoin is considered highly speculative it suffers more than established cryptocurrencies when sentiment is poor
7 Are people still using Dogecoin for payments
Yes some online merchants and charities still accept it but its adoption as a widespread everyday currency has not grown as rapidly as initially hoped limiting its practical utility and price support