Dogecoin Drops 17% As Bears Push Below $0.150 Support

Generated by AI AgentCoin World
Wednesday, Apr 9, 2025 1:25 am ET1min read
DOGE
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Dogecoin (DOGE) has recently experienced a fresh decline, starting from the $0.1720 zone against the US Dollar. The cryptocurrency is currently consolidating and may face challenges in recovering above the $0.1550 level. The price has dipped below several key support levels, including $0.1650 and $0.1550, and is now trading below the $0.1600 level and the 100-hourly simple moving average. A connecting bearish trend line is forming with resistance at $0.160 on the hourly chart of the DOGE/USD pair.

Dogecoin's price decline began after it failed to surpass the $0.1720 mark, similar to the movements of Bitcoin and Ethereum. The bears pushed the price below the $0.150 support level, with a low formed at $0.1296. The price has since corrected some losses, moving above the 50% Fib retracement level of the downward move from the $0.1727 swing high to the $0.1296 low. However, the bears remain active near the $0.1560 resistance and the 61.8% Fib retracement level of the same downward move.

Currently, Dogecoin is trading below the $0.160 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1500 level, with the first major resistance for the bulls at $0.1550. The next major resistance is near the $0.160 level, and a close above this resistance could send the price toward the $0.1720 resistance. Further gains might push the price toward the $0.180 level, with the next major stop for the bulls at $0.1880.

If Dogecoin's price fails to climb above the $0.150 level, it could start another decline. Initial support on the downside is near the $0.1380 level, with the next major support at $0.1320. The main support sits at $0.1280, and a downside break below this level could see the price decline further toward the $0.1200 level or even $0.1120 in the near term.

Technical indicators suggest that the MACD for DOGE/USD is gaining momentum in the bearish zone, while the RSI for DOGE/USD is below the 50 level. Major support levels are at $0.1320 and $0.1280, with major resistance levels at $0.1500 and $0.1550. The overall market volatility has spiked, putting Dogecoin at risk of more losses as it struggles to find stable support levels.