Dogecoin Set For Heightened Downtrend After A Rejection At $0.1293

Popular meme coin, Dogecoin, recently encountered resistance at the $0.1293 level, leading to a downward trend toward its previous low of $0.0914. This has prompted speculation about the crypto asset's future.

Technical Analysis

Dogecoin's price is currently around $0.121, having increased by 1.85% with a market capitalization of over $17 billion and a trading volume exceeding $1 billion.

On the 4-hour chart, DOGE is trading below the bearish trendline, indicating a potential continuation of the downward trend toward the $0.1144 support level, as suggested by the Composite Trend Oscillator.

On the 1-day chart, DOGE is also below the 100-day SMA and exhibiting a strong bearish momentum toward the $0.114 support level.

Potential Support Levels

Dogecoin could find stability at the $0.1144 support mark. A break below this level could lead to a further decline towards $0.0914, $0.0745, and potentially lower levels.

Conversely, if DOGE rebounds at the $0.1144 support level, it could rally towards the $0.129 resistance level and potentially higher.