Dogecoin (DOGE) recently attempted to gain upward momentum, but bearish forces have reestablished their dominance. After a short period of time RallyThe popular meme coin is now under renewed selling pressure, with the price likely to head towards the $0.1 level.
As the downside momentum continues to strengthen, the question is whether Dogecoin can hold this crucial level or further declines are imminent.
This article analyzes the recent change in Dogecoin price dynamics as bearish momentum re-emerges. We will explore the sudden reversal, assess key technical indicators, and evaluate whether the $0.1 support level can withstand the pressure or Dogecoin is set for even more declines.
At the time of writing, Dogecoin is trading at around $0.1059, marking a decline of 3.42%. The cryptocurrency claims market The capitalization is over $15 billion, and the trading volume is over $535 million. Over the past 24 hours, DOGE’s market capitalization has seen a decrease of 3.57%, while the trading volume has declined marginally by 0.83%.
Market sentiment: Bears have tightened their grip on Dogecoin
On the 4-hour chart, Dogecoin has displayed strong downbeat momentum after failing to break the bearish trendline. The price is now attempting to fall below the 100-day simple moving average (SMA).
If DOGE successfully crosses this crucial level, it could start a more pronounced downtrend, potentially taking the price to the next significant support at $0.0914.
Moreover, on the 4-hour chart, the Relative Strength Index (RSI) has slipped below the 50% mark, currently standing at 41%. This drop highlights growing bearish momentum and suggests that selling pressure may increase.
On the daily chart, Dogecoin shows significant negative movement below the 100-day SMA by printing two bearish momentum candlesticks. surge Indicating strong selling pressure and negative market sentiment, increasing the chances of DOGE reaching the $0.0914 target soon.
Finally, the 1-day RSI shows that the depressing pressure has returned to DOGE. The signal line’s upward attempt stalled at 56%, then fell below the 50% mark, now at 47%, increasing the selling pressure and increasing pessimistic sentiment for the digital asset.
$0.0914 in sight: Will this key support level hold?
Exploring the significance of $0.0914 Help The level and its ability to withstand bearish pressure suggests that if the price reaches this level and breaks below, the crypto asset will continue to move downwards towards the $0.0745 support. If the price turns down from this level, it could drop to test the $0.0559 support mark and potentially move lower to explore additional support levels.
However, if DOGE reaches the support range of $0.0914 and the bulls make a comeback, the price may head towards the resistance level of $0.1293. When it breaks this resistance, cryptocurrency The price could continue to rise, possibly targeting the $0.1491 resistance range and other higher levels.
Featured image from iStock, chart from Tradingview.com
