Dogecoin (DOGE) Price Drop: Is This the Start of a Bear Market? Here’s the Technical Analysis!

Jakarta, Pintu News – Dogecoin experienced a significant price drop below the $0.1850 zone against the US Dollar. Currently, DOGE is attempting to consolidate below the $0.1650 resistance after briefly touching the $0.1450 level.

Dogecoin (DOGE) Continues to Slump

Dogecoin (DOGE) started a fresh decline below the $0.2000 zone, following in the footsteps of Bitcoin and Ethereum . DOGE broke support at $0.1850 and $0.1680, and even dropped below $0.1620. The lowest point was recorded at $0.1440, and the price is currently consolidating losses. There was a slight recovery above the $0.1500 level, where buyers managed to push the price past the 23.6% Fibonacci retracement level of the last drop from $0.1809 to $0.1440.

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Technical Analysis: Challenges and Resistances

Currently, Dogecoin (DOGE) price is trading below the $0.1850 level and the 100-hour simple moving average. The immediate resistance is near the $0.1620 level or the 50% Fibonacci retracement level of the decline from $0.1809 to $0.1440. The first major resistance for the buyers is near the $0.1680 level, where there is a bearish trend line formed on the hourly chart of the DOGE/USD pair.

The next resistance is near the $0.1720 level. If the price manages to break above $0.1720, it could push the price towards $0.1850, and possibly higher towards $0.2000. The next major stopping point for buyers could be $0.2050.

Potential for Further Decline

If the price of Dogecoin (DOGE) fails to rise above the $0.1680 level, there is a possibility that the price decline will continue. Initial support lies near the $0.1500 level. The next major support is near $0.1450. The key support is at $0.1420. In case of a break below the $0.1420 support, the price could continue to decline. In that scenario, the price may drop towards $0.1350 or even $0.1250 in the short term.

Technical Indicators

The hourly MACD for DOGE/USD is currently losing momentum in the bearish zone. The hourly RSI (Relative Strength Index) for DOGE/USD is now below the 50 level. The key support levels are $0.1500 and $0.1450. Meanwhile, the key resistance levels are $0.1680 and $0.1880.

Conclusion: The Future of Dogecoin (DOGE)

With continued pressure, the future of Dogecoin (DOGE) looks to be full of challenges. Investors and traders should pay attention to technical indicators and key support levels to make informed investment decisions in this volatile market.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Dogecoin (DOGE) Under Pressure, $0.1450?. Accessed on March 12, 2025
• Featured Image: Generateda by AI