Dogecoin has extended its decline against the US Dollar, falling below the $0.1250 level. The price is now trading under $0.1220 and below the 100-hour simple moving average, consolidating recent losses.
After closing below $0.1300, DOGE broke through the $0.1280 and $0.1250 support levels, even dipping to around $0.1198. It is currently showing bearish signals while trading below the 23.6% Fibonacci retracement level of the drop from the $0.1305 high to the $0.1198 low.
For any recovery, immediate resistance lies near $0.1235. The first major hurdle is around $0.1280, which aligns with the 76.4% Fibonacci retracement level. The next key resistance is at $0.1300, where a bearish trend line is also forming on the hourly chart. A sustained move above $0.1300 could open the door for a push toward $0.1350, with further targets at $0.1372 and potentially $0.1400.
On the downside, if the price fails to clear the $0.1300 resistance, it could resume its decline. Initial support is near $0.1200, followed by $0.1195. The main support sits at $0.1150. A break below this level might lead to further losses toward $0.1050 or even $0.10.
Technical Indicators:
– Hourly MACD: Gaining momentum in bearish territory.
– Hourly RSI: Currently above the 50 level.
– Major Support Levels: $0.1280, $0.1250
– Major Resistance Levels: $0.1340, $0.1350
Frequently Asked Questions
Of course Here is a list of FAQs about Dogecoins falling price and intensifying bearish momentum designed to be clear and helpful for all levels of understanding
Beginner General Questions
1 Why is Dogecoins price falling so much
Dogecoins price is falling due to a combination of factors a general downturn in the overall cryptocurrency market reduced investor confidence and stronger selling pressure than buying pressure
2 What does bearish momentum mean
Bearish momentum means the trend and market sentiment are strongly pushing the price downward It indicates that more people are looking to sell than buy and this selling pressure is gaining strength
3 Is Dogecoin going to zero
While its price is very volatile most analysts do not believe it will go to absolute zero as it has a strong active community and brand recognition However it can lose significant value during prolonged bear markets
4 Should I buy Dogecoin now that its cheap
This is a personal investment decision While some see low prices as a buying opportunity its very risky The price could continue to fall further Never invest money you cant afford to lose
5 Is this just a normal dip or something worse
Its impossible to know for sure A dip is a shortterm drop while a bear market is a longterm decline The current intensifying bearish momentum suggests this could be part of a larger sustained downturn
Intermediate CauseFocused Questions
6 What specific factors are causing this selloff for Dogecoin
Key factors include broader economic concerns a decline in risk appetite among investors a lack of major new developments or utility for Dogecoin and large holders potentially selling their coins
7 How does the overall crypto market affect Dogecoin
Dogecoin is highly correlated with Bitcoin and the overall crypto market When Bitcoin falls most altcoins like Dogecoin typically fall even harder as investors flee riskier assets
8 Is Elon Musk still influencing Dogecoins price
His influence has diminished compared to 2021 but his tweets can still cause shortterm spikes or dips The current sustained fall is