Dogecoin (DOGE) Recent attempts to regain upward momentum have come to a sudden halt as bears reassert their dominance. Short rallyThe popular meme coin is currently under selling pressure, with the price expected to retreat to $0.1.
As the negative momentum builds, questions are being raised as to whether Dogecoin can hold this critical level or whether further declines are imminent.
In this article, we analyze the recent changes in Dogecoin’s price dynamics as the bearish momentum resurfaces. We will look at the sudden reversal, evaluate the key technical indicators, and assess whether the $0.1 support level can withstand the pressure or if Dogecoin is headed for a bigger downside.
At the time of writing, Dogecoin is trading at around $0.1059, representing a 3.42% drop. The cryptocurrency is market The capitalization exceeds $15 billion and the trading volume exceeds $535 million. In the last 24 hours, DOGE’s market capitalization has decreased by 3.57% and the trading volume has slightly decreased by 0.83%.
Market sentiment: Bears tighten their grip on Dogecoin
On the 4-hour chart, Dogecoin has shown strong downside momentum after failing to break above the bearish trend line. The price is currently attempting to fall below the 100-day simple moving average (SMA).
If DOGE successfully breaks this key level, a more pronounced downtrend could begin, potentially sending the price down to the next important support level at $0.0914.
Also, on the 4-hour chart, the Relative Strength Index (RSI) has fallen below the 50% mark and is currently at 41%. This decline highlights the growing bearish momentum and suggests that selling pressure could intensify.
On the daily chart, Dogecoin printed two bearish momentum candlesticks, showing a significant downside move below the 100-day SMA. This bearish Soar Reflecting strong selling pressure and negative market sentiment, this increases the likelihood that DOGE will soon reach its $0.0914 target.
Finally, the 1-day RSI shows that the gloomy pressure on DOGE is back. The signal line’s upside attempt was halted at 56%, then fell below the 50% mark, and now sits at 47%, indicating increasing selling pressure and growing pessimistic sentiment towards the digital asset.
$0.0914 is expected. Will this key support level hold?
Exploring the significance of $0.0914 Support The potential to withstand the level and bearish pressure shows that if the price reaches this level and breaks below it, the crypto asset will continue to decline towards the $0.0745 support. If the price breaks above this level, it may decline to test the $0.0559 support, and possibly lower to explore additional support levels.
However, if DOGE reaches the $0.0914 support range and the bulls make a comeback, the price may move up to the $0.1293 resistance level. If it breaks this resistance, Cryptocurrency There is a possibility that it will continue to rise and target the resistance area of ​​$0.1491 and other higher levels.
Featured image from iStock, charts from Tradingview.com