DOGECOIN is facing resistance from the top of the descending triangle pattern on the daily chart.
the 4-hour price chart. The Bulls are active near the lows, attempting U-Turn rallies.
Dogecoin has fallen below the $0.070 support level against the US dollar. DOGE could continue to fall toward the $0.0620 support level. In recent days, Dogecoin has been steadily declining from the $0.080 resistance zone. DOGE has reacted negatively to support levels of $0.0750 and $0.0720.
The decline has accelerated underneath the $0.0740 and the 200 hourly simple moving average. More importantly, there was a clear break below the $0.0700 support level, opening the way for a significant decline. Currently, the price is trading well below the $0.0700 support level and the 100 hourly simple moving average.
Doge has reached a low of $0.0658 and is currently trading at $0.0694, indicating a range of positive signals.
On the upside, the price is coming up against resistance at $0.0700. A key bearish trend line is forming on the 4-hours chart of the DOGE/USD pair, with resistance near $0.0700. The trend line is nearing the 38.20% Fib retracement level of the drop from the $0.0790 swing high to the $0.0658 low. If the price breaks through the trend line, it could reach the $0.0730 resistance level. It is approaching the 50% Fib retracement level of the drop from the $0.0790 swing high to the $0.0658 low. Any further increases could push the price to $0.0765. At $0.0800, the primary barrier appears to be forming. A decisive break above the $0.0800 resistance level could signal the start of a rally towards $0.0900 level.
If the price of DOGE does not rise above $0.0700, it may fall further. An initial support level is at $0.0660 on the downside. The next major support level is at $0.0620. If the price falls below the $0.0620 support level, it could fall much further. The price may fall below $0.0600 in the aforementioned scenario. A break below $0.0600 could signal the beginning of a new decline towards $0.0500.
According to Price Analysis, this DOGE market capitalization is expected to be $9,322,039,417. The coin's 24-hour trading volume is around $359,516,999. The market capitalization of DOGE has risen by 3.62%. During intraday trading, however, transaction volume rose by 0.17%.
KEY LEVELS :
RESISTANCE LEVEL : $0.07200-$0.07600
SUPPORT LEVEL : $0.06600-$0.06200
After holding multiple levels of support at $0.07, Yesterday support was breached today with large volume. Will DOGE reach $0.060 in the coming days, or will it seek support near the bottom and start reversing? Please share your thoughts.
