In relation to the US dollar, Dogecoin is finding it difficult to break above the $0.1650 resistance zone. In the event that DOGE breaks below the $0.140 support, it could drop sharply.
Dogecoin Price Indicates Decline
Following a significant decrease, the price of Dogecoin began to rise again from the $0.1280 range. Like Bitcoin and Ethereum, DOGE rose above $0.1350 after forming a bottom at $0.1283.
The resistance levels of $0.1385 and $0.140 were crossed. The price surged above the 23.6% Fib retracement level of the decline from the swing high of $0.2092 to the low of $0.1283. Nevertheless, above the $0.170 resistance, the bears safeguarded further gains.
The 50% Fib retracement level of the decline from the $0.2092 swing high to the $0.1283 low was not tested by the price. Additionally, a significant negative trend line is emerging on the DOGE/USD pair’s 4-hour chart, with resistance at $0.1620.
Additionally, Dogecoin is below both the 100 simple moving average (4-hour) and the $0.160 level. The price is encountering resistance on the upward close to the $0.160 mark.
The $0.1680 mark represents the next significant resistance. The primary obstacle is $0.170. Price may move toward the $0.1850 resistance if it closes over the $0.170 resistance. Should there be any further rises, the price may approach the $0.20 mark.
Additional DOGE Losses?
DOGE’s price may begin another drop if it is unable to increase in value above $0.160. The $0.1475 mark serves as initial downward support.
Close to the $0.1400 mark is the next significant support. Price declines could continue if there is a fall breach below the $0.1400 support level. The price may drop to the $0.120 mark under the scenario that was described.
April 2024, Cryptoniteuae
