Dogecoin (DOGE) price plummets over 5%! Key support level breached, will it further decline in the future?
Unlike the trends of Bitcoin and Ethereum, the price of Dogecoin (DOGE) has started a new round of decline below the $0.2650 area.
Dogecoin has consecutively broken through the key support levels of $0.260 and $0.250, even dropping below $0.2150 at one point, reaching a low of $0.2052. Currently, the price is consolidating at a low level, trying to find direction.
Unlike the trends of Bitcoin and Ethereum, the price of Dogecoin (DOGE) has started a new round of decline below the $0.2650 area.
Dogecoin has consecutively broken through the key support levels of $0.260 and $0.250, even dropping below $0.2150 at one point, reaching a low of $0.2052. Currently, the price is consolidating at a low level, trying to find direction.
Support level: The initial support level is near $0.2065.
Further decline risk: If the price fails to break the $0.2180 resistance level, it may test the $0.2050 support level again. If the $0.20 support level is breached, Dogecoin may further decline to $0.1880 or even $0.1740.
MACD: The hourly MACD indicator is accelerating downwards in the bearish zone, indicating that bearish strength is increasing.
RSI: The Relative Strength Index (RSI) is currently below the 50 level, showing that market sentiment is leaning bearish.
Dogecoin is currently at a critical technical node. If it cannot break through the $0.2180 resistance level in the short term, it may face further decline risks.
Investors need to closely monitor the performance of the $0.20 support level; if breached, the price may accelerate downward. Conversely, if it can stabilize at support and break through resistance levels, Dogecoin may have a chance for a rebound.
