Dogecoin Price Technical Analysis – Bears Take a Break!

Dogecoin Price Key Highlights

  • Dogecoin price has been in a steady downtrend for the past few weeks, as price just broke below a short-term consolidation pattern.
  • Price dipped to the 0.000110 level before showing signs of pulling back to the broken support area.

Dogecoin price is retracing to the broken support near the 0.000120 level and may be ready to resume its drop soon.

200 SMA Resistance

At the moment, dogecoin price is retesting the broken support near the 38.2% Fibonacci retracement level. This is in line with the 200 SMA, which is above the short-term 100 SMA and indicating that the selloff is likely to resume later on.

However, a higher pullback might still be possible if traders are booking profits off their recent short positions. Dogecoin price could pull up until the 0.000125 level just past the 61.8% Fib, which might be the line in the sand for any corrections.

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Stochastic is pointing down, which means that bearish momentum is still in play and that sellers might be done taking a break. RSI is also starting to turn lower, potentially drawing more bears to the mix.

Price could drop back to the previous lows or create new ones, depending on how strong selling momentum gets.

Intraday support level – 0.000110

Intraday resistance level – 0.000125

Charts from TradingView

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