Dogecoin (DOGE) Continues to Slump

Dogecoin (DOGE) started a fresh decline below the $0.2000 zone, following in the footsteps of Bitcoin

Despite a promising start to the week, Bitcoin (BTC) and major altcoins encountered a downturn on Monday. This follows a period of sluggish trading over the weekend, with Bitcoin failing to break above the $50,000 mark.

After a weekend of muted trading activity, cryptocurrencies encountered renewed selling pressure on Monday. This follows a period of sluggish trading over the weekend, with Bitcoin remaining below the $50,000 level despite a rally on Friday.

Bitcoin (BTC) dropped by over 4% to trade below the $47,000 zone after failing to break above the $50,000 level on Friday. The world’s leading cryptocurrency encountered resistance at the 50% Fibonacci retracement level of the recent decline from $69,000 to $42,000.

Dogecoin (DOGE) also slid below the $0.1620 zone, approaching the 50% Fibonacci retracement level of the decline from $0.1809 to $0.1440. The next major support is seen at $0.1500.

On the other hand, Ethereum (ETH) declined below the $4,000 level and the 100-hour simple moving average. The next major support is seen near the $3,920 level.

Dogecoin (DOGE)

Dogecoin (DOGE) price is currently trading below the $0.1850 level and the 100-hour SMA. The immediate resistance is seen at the $0.1620 level or the 50% Fibonacii retracement level of the recent decline from $0.1809 to $0.1440.

The first major resistance for the buyers is seen at 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 seen at 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 the buyers could be $0.2050.

However, if the price of Dogecoin (DOGE) fails to rise above the $0.1680 level, then there is a possibility that the price decline will continue. Initial support is seen at the $0.1500 level. The next major support is seen at $0.1450.

The key support is at $0.1420. In case of a break below the $0.1420 support, the price could continue to slide. In that scenario, the price may drop towards $0.1350 or even $0.1250 in the short term.

Technical Indicators:

The 24-hour MACD for DOGE/USD is slowly losing momentum in the bearish zone. The 24-hour RSI (Relative Strength Index) for DOGE/USD is now below the 50 level.

Key Support Levels: $0.1500 and $0.1450.

Key Resistance Levels: $0.1680 and $0.1880.