Dogecoin, one of the leading cryptocurrencieshas begun a recent decline from the recently reached level of $0.0820 US Dollar. The bears are currently forcing the Dogecoin price to move towards the $0.065 support zone.

The price was seen climbing to a peak near $0.0815 after a minor increase, however it soon began facing resistance above the $0.0800 handle. It was unable to break the key support of $0.0775 and soon fell to a low of $0.0734. The market is currently showing bearish signs and is trading below the level of $0.0800 and the 100 simple moving average (4 hours).

There is a bearish trend line forming with resistance at around $0.078 on the 4-hours chart of the DOGE/USD pair. Whenever, the price attempts to move higher towards the $0.0775 level, it is hit by resistance. The 50% Fib retracement level of the drop from the peak of $0.0815 to low of $0.0734 is near the $0.078 zone and this makes it tricky to break the resistance.

In order to see an increase in the Dogecoin price, the bears first need to be overcome resistance near $0.0775 and $0.078. This would make room for it to reach the resistance level of $0.082. Higher than this would send Dogecoin to the level of $0.090, which is the next major resistance.

On the other hand, if Dogecoin fails to break the resistance of $0.078, then it could continue to move lower. This would make the market target the supports near $0.0735 and $0.072. Any further dip would see Dogecoin hit the level of $0.070. Currently, according to the technical indicators, 4 Hours MACD is gaining momentum in the bearish zone and the RSI is below the 50 level.



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