Dogecoin (DOGE) has faced selling pressure around $0.1065 after rebounding from recent lows, and technical indicators suggest that the meme coin could face additional declines if it fails to maintain a crucial support level.
What happened: Recovery slowed in the resistance zone
The token rebounded from the $0.095 range and rose above $0.10, breaking through the downward trend line located at $0.1060 on the hourly candle chart.
With this movement, DOGE broke above the 23.6% Fibonacci retracement level of the range that fell from the $0.1185 high to the $0.0948 low. However, selling pressure emerged near the 50% Fibonacci retracement level at around $0.1065, halting the upward movement.
The current price is trading below the 100-hour simple moving average.
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Why it matters: Key price levels that will dictate the next direction
Technical indicators point to weakening momentum. The time-based MACD remains in a bearish phase, and the RSI is also positioned below 50.
Resistance levels are formed at $0.1065 and $0.1120, and if the latter is broken upwards, additional upside potential towards $0.1185 may open up. Support levels are located at $0.10 and $0.095, and if this range is not maintained, the price may drop to around $0.088 or $0.085.
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