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16/09/24
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Dogecoin Faces Downturn as Resistance Mounts at $0.1085
Dogecoin is currently facing a downturn after encountering resistance at $0.1085 against the U.S. dollar. The cryptocurrency is struggling to maintain momentum and could soon test support at the $0.0980 level.
Recent trading activity shows that Dogecoin has gained bearish momentum, falling below the $0.1035 level. It is trading under both the $0.1020 price level and the 100-hour simple moving average, indicating a potential continuing decline. A significant bearish trend line has formed with resistance at $0.1050, suggesting further downside risks in the near future.
After a period of steady gains, Dogecoin encountered seller resistance around the $0.1085 level, resulting in a decline that dropped beneath the critical support zone of $0.1035. The price has also dipped below the 50% Fibonacci retracement level of the previous upward movement, indicating weakened bullish strength. As trading conditions develop, Dogecoin is now at risk of additional losses as it currently tests the 76.4% Fibonacci retracement level, further confirming its bearish trajectory.
Immediate resistance is present near the $0.1032 level, while the next significant resistance is seen at $0.1045. A close above this level could open the door for a rally towards the $0.1050 resistance. If the bullish momentum returns, the price may aim for the $0.1085 level or even push towards $0.1120.
On the downside, if Dogecoin cannot surpass the $0.1035 level, it may initiate a new decline. The first line of defense is positioned around $0.1000, with the crucial support level at $0.0980. Should the price dip below $0.0918, it could lead to a larger decline toward $0.0880 or even $0.0850 in the coming period. The technical indicators are signaling bearish momentum, reinforcing the need for caution among traders and investors alike.
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