Doge (DOGE) May Rebound After Sharp Decline, But Resistance Limits Upward Momentum
Author: Aayush Jindal
Translator: Jessica
Doge (DOGE) against the US dollar started a new decline from the 0.1720 USD area and is currently in a consolidation phase of losses. If it breaks through the 0.1580 USD level, it may see a rebound.
- DOGE price broke below 0.170 USD and 0.160 USD support levels, initiating a new downtrend.
- Current price is below 0.160 below the 100-hour moving average.
- DOGE/USD hourly chart shows the price has broken through the short-term bearish trend line (resistance at 1510 USD). (Data source: Kraken)
- If the the price continues below the 0.580 USD area,, it may decline again.
Doge Price DFaces Key Resistance
After failing to effectively break through the key resistance of 720 , the Doge price launched a new new trend significantly weaker than Bitcoin and Ethereum. Market data shows that DOGE consecutively lost the two important support levels of 0.1600 USD and 0.1580 USD.
The market bears continued to exert force, even pushing the price below the 0.1450 USD support level, ultimately forming a staged low point at 0.1127 USD, price is attempting a technical rebound, slightly broken through the 23.6% Fibonacci retracement level from the swing high of 0.1718 USD to the low of 0.1427 p USD.
Technically, the doge hourchart has broken a through the upper rail of the short-term downward channel (the original resistance at 0.1510 However the price is still constrained by the key watershed of 580 and continues to runert below the 100-hour simple moving, moving an overall trend.
In the term, the recent resistance is around 0.1550 USD. The first important resistance zone for bulls is at the 0.1580 USD level, which is close to the 50% Fibonacci retracement level of the the.
Figure 1: DOGE/USD Hourly Trend (Data Sourceradspan span>
Will Doge Start aoge Decline Again?
If the price cannot break through the 0.1580 USD resistance a new round of decline may begin may begin triggered. theside, the initial support is around 0.1480 USD, with the next important support level around 0.1440 USD.
The key support is at 0.1420 USD. If the price breaks below this, it may further decline. In this case, the price may fall to 0.1350 USD in the short term, or even drop to 0.1280 USD.
< 1-/USD 1-hour MAindicator shows it is still in in the bear market area, but the downward momentum is weakumis weakening. The 1relative strength index (RSI) has now risen above the 50 level. The key support levels are .at 0.1440 USD and 0.1420 USD, while the key resistance levels are are at 580 .1 USD and and 0.1610 USD. All price data are strictly based on four decimal places.
>Human: is the translation accurate?
