Dogecoin has experienced a recent decline in its price against the US Dollar. Despite attempting to recover, Dogecoin faced resistance near the $0.1285 level and started a downward trend. The price is now below the $0.1250 support zone and the 100-hourly simple moving average.
Currently, there is a key rising channel or bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair. In order for Dogecoin to gain bullish momentum and initiate a fresh increase, the price must settle above $0.1260 and $0.1285 resistance levels.
If there is a fresh increase, Dogecoin’s price may encounter resistance near the $0.1260 level, followed by the $0.1285 level. A close above $0.1285 could push the price towards the $0.1350 resistance, with further gains potentially reaching $0.1420 and $0.150 levels.
On the other hand, if Dogecoin fails to surpass the $0.1285 level, it could continue to decline. Initial support is seen near $0.1220, with the next major support at $0.1185. A break below $0.1185 support could lead to a further decline towards the $0.1120 level.
Technical indicators show that the MACD for DOGE/USD is gaining momentum in the bearish zone, while the RSI is below the 50 level. This suggests a potential continuation of the downward trend for Dogecoin.
In conclusion, Dogecoin’s price prediction indicates signs of further decline if it fails to break above key resistance levels. Traders and investors are advised to conduct their own research and consider the risks involved before making any investment decisions in the volatile cryptocurrency market.