[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Doge Turns Red, Can This Support Save The Bulls?

0

Dogecoin started a fresh decline from $0.0950 against the US Dollar. DOGE is declining but the $0.080 support might protect more downsides.

  • DOGE failed to clear $0.0950 and started a fresh decline against the US dollar.
  • The price is trading below the $0.088 zone and the 100 simple moving average (4 hours).
  • There was a break below a major bullish trend line with support near $0.0855 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 $0.080.

Dogecoin Price Extends Losses

After a steady increase, Dogecoin’s price faced resistance near $0.0950. DOGE formed a high near $0.0950 and started a fresh decline, similar to Bitcoin and Ethereum.

There was a clear move below the $0.0850 support and the 100 simple moving average (4 hours). Besides, there was a break below a major bullish trend line with support near $0.0855 on the 4-hours chart of the DOGE/USD pair.

A low is formed near $0.0825 and the pair is now consolidating losses. On the upside, the price is facing resistance near the $0.0855 level. It is close to the 23.6% Fib retracement level of the recent decline from the $0.0950 swing high to the $0.0825 low.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.088 zone and the 100 simple moving average (4 hours). It coincides with the 50% Fib retracement level of the recent decline from the $0.0950 swing high to the $0.0825 low. A close above the $0.0885 resistance might send the price toward the $0.092 resistance. The next major resistance is near $0.0950. Any more gains might send the price toward the $0.100 level.

More Losses in DOGE?

If DOGE’s price fails to gain pace above the $0.0855 level, it could continue to move down. Initial support on the downside is near the $0.0825 level.

The next major support is near the $0.080 level. If there is a downside break below the $0.080 support, the price could decline further. In the stated case, the price might decline toward the $0.0765 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 – $0.0825, $0.080, and $0.0765.

Major Resistance Levels – $0.0855, $0.0880, and $0.095.

Leave A Reply

Your email address will not be published.