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Home»Analysis»Doge hits bearish circuit and may drop as low as $0.07
Analysis

Doge hits bearish circuit and may drop as low as $0.07

2023-05-08No Comments3 Mins Read
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Dogecoin started another drop of $0.0820 against the US dollar. DOGE is falling and it may drop towards the $0.065 support zone.

  • DOGE failed to clear $0.0820 and began another decline against the US dollar.
  • The price is trading below the $0.080 zone and the 100 simple moving average (4 hours).
  • A major bearish trendline is forming with resistance close to $0.078 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The pair could drop further if it sees a move below USD 0.0720.

Dogecoin price drops further

After a small increase, Dogecoin price encountered resistance near $0.0820. DOGE peaked near $0.0815 and started another decline similar to Bitcoin and Ethereum.

There was clear movement 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 forming 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). A major bearish trendline is also forming with resistance close to $0.078 on the DOGE/USD pair’s 4-hour chart.

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 drop from the $0.0815 swing high to the $0.0734 low. The next major resistance is near the $0.078 zone and the trendline.

Dogecoin Price Prediction

Source: DOGEUSD at TradingView.com

The trendline is close to the 100 simple moving average (4 hours) and the 61.8% Fib retracement level of the recent drop from the $0.0815 swing high to the $0.0734 low. A close above the $0.078 resistance could push the price towards the $0.082 resistance. The next major resistance is near $0.0850. More gains could push the price towards the $0.090 level.

See also  Litecoin Validates a Bearish Pattern – Will LTC Price Force Buyers to Stop?

Lose more in DOGE?

If the price of DOGE fails to rise above the $0.078 level, it could fall further. The first 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 may fall further. In the said case, the price might fall towards the $0.070 level.

Technical indicators

4am 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.

Main Support Levels – $0.0735, $0.072 and $0.070.

Key resistance levels – $0.0775, $0.0780 and $0.082.

Source link

Bearish circuit DOGE Drop Hits
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