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Dogecoin Wobbles: Will the Meme Coin Bounce Back?

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DOGE Price Analysis: Dogecoin Declines by 3.08%; Will Doge Overturn This Trend as the Weekend Approaches?

Dogecoin faces renewed selling pressure after failing to conquer a key resistance level. The meme coin is now testing crucial support zones, raising questions about its immediate future.

Read Also: Dogecoin Market Shakeup: Whales Exit, Retail Investors Dive In

DOGE Stalls After Uphill Battle

Dogecoin mirrored the broader market correction, shedding gains after attempting to climb above $0.1285. This rejection echoes the struggles of other major cryptocurrencies like Bitcoin and Ethereum. Analysts point to a lack of sustained buying pressure as the culprit behind the recent pullback.

Support Levels in Focus

The price decline pushed Dogecoin below the psychologically important $0.1250 support and its 100-hourly moving average. This technical breakdown has instilled caution among investors, with a bearish flag pattern emerging near $0.1220. This chart formation often precedes further downside, so a breach of this level could trigger a wave of sell orders.

Can DOGE Bulls Reclaim Control?

For a bullish reversal, Dogecoin must conquer resistance at $0.1260 and $0.1285. A decisive break above $0.1285 could open the doors for a return to the $0.1350 level and potentially even higher. However, bulls will need to overcome significant selling pressure at these resistance zones.

If the bulls fail to breach $0.1285, Dogecoin could see further losses. Initial support sits at $0.1220, followed by a critical zone at $0.1185. A break below this level could trigger a steeper decline towards $0.1120, which represents a major support level from previous price action. A sustained drop below this point could lead to a more prolonged bearish trend.

Technical Indicators Flash Caution

Technical indicators align with the bearish sentiment. The MACD for DOGE/USD is dipping into negative territory, indicating a shift in momentum towards the bears. The RSI sits below 50, signifying selling pressure. These indicators suggest that the path of least resistance for Dogecoin may be down in the near term, unless there’s a significant influx of buying pressure.

Investors should closely monitor these support levels: $0.1220, $0.1185, and $0.1120. On the resistance front, keep an eye on $0.1260, $0.1285, and $0.1320. Breaching these levels will signal the next directional move for Dogecoin.

Dogecoin’s Fate Hangs in the Balance

Dogecoin finds itself at a crossroads. Breaching key resistance levels will be crucial for a rebound, while failing to do so could see the meme coin extend its decline. Whether DOGE can recapture its bullish momentum or succumb to the selling pressure remains to be seen.

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The past month has been a wild ride for the cryptocurrency market, with Bitcoin dictating the flow and experiencing significant