Current Price Movement and Support Levels
Dogecoin has recently slipped below the $0.12 mark, reaching a low of $0.1154. Technical indicators suggest that the meme coin may encounter difficulties in achieving a sustained recovery as long as its price remains below the $0.1350 resistance level.
The token experienced a decline through several support levels, including $0.1300 and $0.1250, before finding a temporary floor near $0.1154. A modest bounce has since occurred.
Prices have climbed back above $0.1220 and have cleared the 23.6% Fibonacci retracement level of the decline from $0.1512 to $0.1154. Currently, Dogecoin is trading below its 100-hourly simple moving average.
A bearish trend line has formed on the hourly chart, with resistance identified at $0.1350. The 50% Fibonacci retracement level is situated near $0.1330.
Technical Indicators and Future Price Outlook
The hourly MACD (Moving Average Convergence Divergence) is showing fading momentum in bearish territory, while the RSI (Relative Strength Index) remains below 50. Both of these readings indicate continued selling pressure.
Should prices successfully break above the $0.1350 resistance level, the next immediate targets for Dogecoin would be $0.1380 and $0.140.
Conversely, a failure to maintain the $0.1250 support level could lead to a further decline toward $0.1220. The $0.120 level is identified as the main support. A break below this significant level would open the possibility of prices falling towards $0.1150 or even $0.1135.