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Home»EXCHANGE NEWS»DOGE Price Prediction – Dogecoin has reached make-or-break level
EXCHANGE NEWS

DOGE Price Prediction – Dogecoin has reached make-or-break level

By Crypto FlexsMay 2, 20243 Mins Read
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DOGE Price Prediction – Dogecoin has reached make-or-break level
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Dogecoin extended losses and traded below the $0.1350 resistance zone against the US dollar. DOGE is currently testing the important support at $0.1200.

  • DOGE gained bearish momentum below the $0.140 and $0.1350 levels against the US dollar.
  • The price is trading below the $0.1350 level and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the DOGE/USD pair, there is a major bearish trendline forming at resistance $0.1350 (data source from Kraken).
  • The price should stabilize above $0.1420 to move into positive territory and begin a new surge.

Dogecoin Price Expands Losses

After closing below $0.150, Dogecoin price extended its losses and moved into near-term bearish territory like Bitcoin and Ethereum. It fell below the $0.1350 support zone.

A low was formed at $0.1201 and DOGE is currently consolidating losses. There was a small recovery wave above the $0.1250 level. The price tested the 23.6% Fib retracement level moving down from the $0.1640 swing high to the $0.1201 low.

However, the bears protected further gains above the $0.130 resistance. Dogecoin is also below the $0.1420 level and the 100 simple moving average (4-hours). On the other hand, the price is finding resistance near $0.130.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1350 level. On the 4-hours chart of the DOGE/USD pair, there is also a major bearish trend line forming at the resistance level of $0.1350. The main hurdle is $0.1420. A close above the $0.1420 resistance and the 50% Fib retracement level of the downside move from the $0.1640 swing high to the $0.1201 low could send the price towards the $0.1550 resistance. If more profits are made, the price may drop to the $0.1620 level.

Will there be more losses in DOGE?

If DOGE’s price fails to rise above the $0.1350 level, another decline could begin. Initial support for the downside is near the $0.1220 level.

The next major support is near the $0.120 level. If there is a downward break below the $0.120 support, the price may fall further. If indicated, the price may fall to the $0.1040 level.

technical indicators

4-Hour MACD – The MACD for DOGE/USD is now gaining momentum in bearish territory.

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

Key support levels – $0.1240, $0.1200 and $0.1040.

Key resistance levels – $0.1300, $0.1350 and $0.1420.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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