Dogecoin (DOGE) Set For A Drop: Bearish Forces Eye $0.0914 Target

Dogecoin (DOGE) recent attempt to regain upward momentum has been abruptly halted as bearish forces reassert their dominance. After a brief rally, the popular meme coin is now under renewed selling pressure, with the price set to retreat toward the $0.1 mark.

Dogecoin (CRYPTO: DOGE) recent attempt to regain upward momentum has been abruptly halted as bearish forces reassert their dominance. After a brief rally, the popular meme coin is now under renewed selling pressure.

Here's what happened:

Dogecoin's recent price attempt to climb higher was cut short on Monday as a bearish trend returned, driving the price down by 3.42% to approximately $0.1059. This downturn follows a brief period of recovery last week, where DOGE rose by 4.8%.

At the time of writing, Dogecoin's market capitalization stands at over $15 billion, with a trading volume surpassing $535 million. Over the past 24 hours, DOGE's market capitalization has seen a 3.57% decrease, while trading volume has dipped slightly by 0.83%.

Dogecoin's 4-hour chart shows strong downbeat momentum following its failure to break above the bearish trendline. The price is now attempting to fall below the 100-day Simple Moving Average (SMA). If DOGE successfully breaches this key level, it could begin a more pronounced downtrend, potentially driving the price down to the next crucial support at $0.0914.

Moreover, on the 4-hour chart, the Relative Strength Index (RSI) has slipped below the 50% mark, currently resting at 41%. This decline highlights growing bearish momentum and suggests that selling pressure could intensify.

On the daily chart, Dogecoin shows significant negative movement below the 100-day SMA by printing two bearish momentum candlesticks. This bearish surge reflects strong selling pressure and negative market sentiment, increasing the likelihood of DOGE reaching the $0.0914 target soon.

Finally, the 1-day RSI shows that bleak pressure on DOGE has returned. The signal line's upward attempt was cut short at 56% before falling below the 50% mark, now resting at 47%, intensifying selling pressure and a growing pessimistic sentiment for the digital asset.

What Next: Exploring Key Support Levels

If the price reaches the $0.0914 support range and breaks below this level, the crypto asset will continue to move downward toward the $0.0745 support. Should the price fall through this level, it may drop to test the $0.0559 support mark and potentially move lower to explore additional support levels.

However, if DOGE reaches the $0.0914 support range and bulls stage a comeback, the price could climb toward the $0.1293 resistance level. When it breaks through this resistance, the cryptocurrency may continue to rise, possibly targeting the $0.1491 resistance range and other higher levels.