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    The return of the bears in Dogecoin: Indicators point to more losses in Dogecoin

    msmarkBy No Comments2 Mins Read

    Dogecoin started another decline from the $0.1285 resistance area against the US Dollar. DOGE is strengthening and may resume its decline below $0.1220.

    • DOGE price is moving lower below the $0.1250 support area.
    • The price is trading below the $0.1250 level and the 100 hourly simple moving average.
    • There is a major ascending channel or bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair (data source from Kraken).
    • The price must settle above $0.1260 and $0.1285 to gain upward momentum and start a new rise.

    Dogecoin prices drop again

    After a good rebound, Dogecoin price faced resistance near the $0.1285 area. DOGE failed to continue higher and started a new decline from the high of $0.1285 Bitcoin And Ethereum.

    There was a move below the $0.1250 support level and the 100 hourly simple moving average. The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low of $0.1129 to the swing high of $0.1285. However, the bulls are now active near the $0.1220 area.

    Dogecoin is now trading below the $0.1250 level and the 100 hourly simple moving average. There is also a major ascending channel or bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair.

    If there is a new increase, the price may face resistance near the $0.1260 level. The next major resistance is near the $0.1285 level. A close above the $0.1285 resistance level could send the price towards the $0.1350 resistance level. Any further gains may send the price towards the $0.1420 level. The next major stop for the bulls could be $0.150.

    More losses in DOGE?

    If DOGE price fails to rise above the $0.1285 level, it may continue to move lower. Initial support on the downside is located near the $0.1220 level.

    The next major support is located near the $0.1185 level. If a bearish breakout occurs below the $0.1185 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.1120 level.

    Technical indicators

    Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

    Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

    Key Support Levels – $0.1220, $0.1185, and $0.1120.

    Major resistance levels – $0.1260, $0.1285, and $0.1320.

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