Dogecoin (DOGE) Turns Red Again — Are Traders Bracing for Deeper Declines?
Overview
Dogecoin has experienced a fresh decline, dropping below the $0.150 mark against the US Dollar. As it consolidates losses, the cryptocurrency faces potential hurdles around the $0.1420 level, signaling ongoing bearish momentum.
Recent Price Movements
Dogecoin’s price began to decline after closing below the $0.1520 level, following a similar trend observed in Bitcoin and Ethereum. The price has fallen below critical support levels, including $0.150 and $0.1450. A significant break occurred beneath a key bullish trend line that had support at $0.1520 on the hourly chart of the DOGE/USD pair.
Currently, the price has even dipped below $0.1380, forming a low near $0.1369. It is now exhibiting bearish signals while trading below the 23.6% Fibonacci retracement level of the downward move from a previous swing high to the recent low. The ongoing trading pattern indicates that Dogecoin is below the $0.1450 level and the 100-hourly simple moving average.
In the event of a recovery, immediate resistance is anticipated near the $0.1420 level. Should the price manage to rise, the first significant resistance for bullish traders could be around the $0.1465 level, coinciding with the 50% Fibonacci retracement level. Further resistance exists near the $0.1490 mark, and a close above this level may suggest a possible upward movement toward the $0.1520 resistance.
Potential for Further Losses
If Dogecoin’s price fails to surpass the $0.1465 level, it may continue its downward trajectory. Initial support is identified near the $0.1370 level, followed by major support levels at $0.1350 and $0.1330. Should the price break below the $0.1330 support, it could lead to further declines, potentially targeting levels around $0.1250 or even $0.1240.
Impact on the Crypto Market
- Dogecoin’s decline reflects broader bearish trends seen in major cryptocurrencies like Bitcoin and Ethereum.
- The break below significant support levels may influence trader sentiment and market confidence.
- Continued bearish momentum could lead to increased selling pressure across the cryptocurrency market.
- Resistance levels may serve as critical points for traders to monitor for potential price reversals or further declines.
- The situation underscores the importance of technical indicators, such as the MACD and RSI, in assessing market conditions.
Updated: 12/1/2025, 6:38:58 AM
