Dogecoin (DOGE)’s recent attempt to regain upward momentum was abruptly halted as bearish forces reasserted their dominance. After a brief racethe popular meme coin is now under fresh selling pressure, with the price set to retreat towards the $0.1 mark.
As the downside momentum strengthens, the question is whether Dogecoin can hold this critical level or whether further declines are imminent.
This article analyzes the recent shift in Dogecoin’s price dynamics as bearish momentum resurfaces. We will explore the sudden reversal, assess key technical indicators, and evaluate whether the $0.1 support level can withstand the pressure or if Dogecoin is poised for a deeper decline.
At the time of writing, Dogecoin was trading at approximately $0.1059, reflecting a decline of 3.42%. The cryptocurrency has a market market capitalization of over $15 billion, with a trading volume of over $535 million. Over the past 24 hours, DOGE’s market capitalization has decreased by 3.57%, while trading volume has dropped slightly by 0.83%.
Market Sentiment: Bears Tighten Grip on Dogecoin
On the 4-hour chart, Dogecoin displayed strong bearish momentum after failing to break above the downtrend line. The price is now attempting to fall below the 100-day simple moving average (SMA).
If DOGE successfully breaches this key level, it could initiate a more pronounced downtrend, potentially dropping the price towards the next crucial support at $0.0914.
Furthermore, on the 4-hour chart, the Relative Strength Index (RSI) has fallen below the 50% mark, currently at 41%. This decline highlights the growing bearish momentum and suggests that selling pressure could intensify.
On the daily chart, Dogecoin is showing significant downside movement below the 100-day SMA, printing two bearish momentum candlesticks. This is bearish. outbreak reflects strong selling pressure and negative market sentiment, increasing the likelihood of DOGE reaching the $0.0914 target soon.
Finally, the 1-day RSI shows that the gloomy pressure on DOGE has returned. The signal line’s bullish attempt was halted at 56% before falling below the 50% mark, now resting at 47%, intensifying the selling pressure and a growing bearish sentiment towards the digital asset.
$0.0914 Spot: Will This Key Support Level Hold?
Exploring the meaning of $0.0914 support The level and its potential to resist bearish pressure reveals that if the price reaches this level and breaks below, the crypto asset will continue to move lower towards the $0.0745 support. If the price breaks below this level, it could drop to test the $0.0559 support mark and potentially drop to explore additional support levels.
However, if DOGE hits the $0.0914 support range and the bulls manage to make a comeback, the price could rally towards the $0.1293 resistance level. Once it breaks this resistance, the cryptocurrency may continue to rise, possibly targeting the $0.1491 resistance range and other higher levels.
Featured image from iStock, chart from Tradingview.com