Dogecoin DOGE’s latest attempt to regain bullish momentum came to a sudden halt as bearish forces reasserted their dominance. Shortly after poolThe popular meme coin is now under renewed selling pressure, with the price set to drop towards the $0.1 level.
With the negative momentum strengthening, the question is whether Dogecoin can sustain this critical level or whether further declines are imminent.
This article analyzes the recent shift in Dogecoin price dynamics as bearish momentum resurfaces. We will explore the sudden reversal, evaluate key technical indicators, and assess whether the $0.1 support level can withstand the pressure or whether Dogecoin is poised for a deeper decline.
As of the time of writing, Dogecoin is trading at around $0.1059, reflecting a 3.42% decline. The cryptocurrency has market DOGE’s market cap has surpassed $15 billion, with a trading volume of over $535 million. Over the past 24 hours, DOGE’s market cap has decreased by 3.57%, while trading volume has slightly decreased by 0.83%.
Market Sentiment: Bears Tighten Grip on Dogecoin
On the 4-hour chart, Dogecoin is showing strong bearish momentum after failing to break above the downtrend line. The price is now trying to break below the 100-day simple moving average (SMA).
If DOGE succeeds in breaking this key level, it could start a more pronounced downtrend, which could push the price to the next crucial support level at $0.0914.
Additionally, on the 4-hour chart, the Relative Strength Index (RSI) has dropped below the 50% level, currently sitting at 41%. This decline highlights the growing bearish momentum and suggests that selling pressure may intensify.
On the daily chart, Dogecoin is showing a significant negative move below the 100-day simple moving average by printing two bearish momentum candles. leap This reflects strong selling pressure and negative sentiment in the market, increasing the likelihood of DOGE reaching the $0.0914 target soon.
Finally, the 1-day RSI shows the return of the dodgy pressures on the coin. The bullish signal line attempt was cut at 56% before falling below the 50% level, and now it stands at 47%, intensifying the selling pressure and increasing the bearish sentiment towards the digital asset.
0.0914 on the horizon: Will this key support level hold?
Explore the significance of 0.0914 Supports The $0.0745 support level and its ability to withstand bearish pressure reveals that if the price reaches this level and breaks below it, the cryptocurrency will continue moving downwards towards the $0.0559 support level. If the price breaks through this level, it could drop to test the $0.0559 support level and possibly move downwards to explore additional support levels.
However, if DOGE reaches the $0.0914 support range and the bulls make a comeback, the price could rally towards the $0.1293 resistance level. When it breaks this level, Cryptocurrency The rise may continue, possibly targeting the resistance range of 0.1491 and other higher levels.
Featured image by iStock, chart by Tradingview.com