Dogecoin Price Prediction: Doge Hits Bearish Circuit and Could Drop To $0.07
08 Maio 2023 - 2:07AM
NEWSBTC
Dogecoin started a fresh decline from $0.0820 against the US
Dollar. DOGE is declining and might drop toward the $0.065 support
zone. DOGE failed to clear $0.0820 and started a fresh decline
against the US dollar. The price is trading below the $0.080 zone
and the 100 simple moving average (4 hours). There is a key bearish
trend line forming with resistance near $0.078 on the 4-hours chart
of the DOGE/USD pair (data source from Kraken). The pair could
decline further if there is a move below $0.0720. Dogecoin Price
Drops Further After a minor increase, Dogecoin’s price faced
resistance near $0.0820. DOGE formed a high near $0.0815 and
started a fresh decline, similar to Bitcoin and Ethereum. There was
a clear move below the $0.0800 support and the 100 simple moving
average (4 hours). The bears were able to push the price below the
key support at $0.0775. A low is formed near $0.0734 and the price
is now showing bearish signs. DOGE is trading below the $0.080 zone
and the 100 simple moving average (4 hours). There is also a key
bearish trend line forming with resistance near $0.078 on the
4-hours chart of the DOGE/USD pair. On the upside, the price is
facing resistance near the $0.0775 level. It is close to the 50%
Fib retracement level of the recent decline from the $0.0815 swing
high to the $0.0734 low. The next major resistance is near the
$0.078 zone and the trend line. Source: DOGEUSD on TradingView.com
The trend line is close to the 100 simple moving average (4 hours)
and the 61.8% Fib retracement level of the recent decline from the
$0.0815 swing high to the $0.0734 low. A close above the $0.078
resistance might send the price toward the $0.082 resistance. The
next major resistance is near $0.0850. Any more gains might send
the price toward the $0.090 level. More Losses in DOGE? If DOGE’s
price fails to gain pace above the $0.078 level, it could continue
to move down. Initial support on the downside is near the $0.0735
level. The next major support is near the $0.0720 level. If there
is a downside break below the $0.072 support, the price could
decline further. In the stated case, the price might decline toward
the $0.070 level. Technical Indicators 4 Hours MACD – The MACD for
DOGE/USD is now gaining momentum in the bearish zone. 4 Hours RSI
(Relative Strength Index) – The RSI for DOGE/USD is now below the
50 level. Major Support Levels – $0.0735, $0.072, and $0.070. Major
Resistance Levels – $0.0775, $0.0780, and $0.082.
Dogecoin (COIN:DOGEUSD)
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