DOGE Price Prediction – Dogecoin Reaches Make-or-Breaks Levels

Dogecoin extended losses and traded below the $0.1350 resistance zone against the US Dollar. DOGE is now testing an important support at $0.1200. DOGE gained bearish momentum below the $0.140 and $0.1350 levels against the US dollar. The price...

Koichiko Koichiko
May 2, 2024 - 21:07
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DOGE Price Prediction – Dogecoin Reaches Make-or-Breaks Levels

Dogecoin extended losses and traded below the $0.1350 resistance zone against the US Dollar. DOGE is now testing an important support at $0.1200.

DOGE gained bearish momentum below the $0.140 and $0.1350 levels against the US dollar. The price is trading below the $0.1350 level and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance at $0.1350 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.1420 to move into a positive zone and start a fresh surge.

Dogecoin Price Extends Losses

After a close below $0.150, Dogecoin price extended losses and moved into a short-term bearish zone, like Bitcoin and Ethereum. There was a drop below the $0.1350 support zone.

A low was formed at $0.1201 and DOGE is now consolidating losses. There was a minor recovery wave above the $0.1250 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.1640 swing high to the $0.1201 low.

However, the bears protected more gains above the $0.130 resistance. Dogecoin is also below the $0.1420 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.130 level.

DOGE Price Prediction

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1350 level. There is also a major bearish trend line forming with resistance at $0.1350 on the 4-hour chart of the DOGE/USD pair. The main hurdle is at $0.1420. A close above the $0.1420 resistance and the 50% Fib retracement level of the downward move from the $0.1640 swing high to the $0.1201 low might send the price toward the $0.1550 resistance. Any more gains might send the price toward the $0.1620 level.

More Losses in DOGE?

If DOGE’s price fails to gain pace above the $0.1350 level, it could start another decline. Initial support on the downside is near the $0.1220 level.

The next major support is near the $0.120 level. If there is a downside break below the $0.120 support, the price could decline further. In the stated case, the price might decline toward the $0.1040 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1240, $0.1200 and $0.1040.

Major Resistance Levels – $0.1300, $0.1350, and $0.1420.

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