Dogecoin Price Set for More Losses as Upward Move Rejected
- Dogecoin price soared in relief headlines mid-week, but DOGE bears delivered a firm rejection.
- DOGE price is likely to decline further as $0.1000 will come under fire from critics.
- As long as Russia keeps the door closed to compromise, expect price action to deteriorate further.
Dogecoin (DOGE) had another rough patch this week after several headlines left investors hanging out to dry, licking their wounds after what was once a relief rally, cut short with a firm rejection higher at 0.1255 $. With the bulls unable to break above this level, the bears took matters into their own hands and drove the price action back to lower levels. With that, the downward compression continues with lower highs and lower lows, targeting the two-week low at $0.1067 and the S1 monthly support at $0.1010.
Any further deterioration will take DOGE below $0.1000
Dogecoin price was poised to break above $0.1255 and would have targeted $0.1400 in the process, testing previous weeks’ highs and the 55-day simple moving average. But the bulls were sidelined after a relief rally that kicked off during the week on some positive headlines out of Ukraine ready to quash a few demands from their side. But Russia remained silent, triggering a major rejection higher at $0.1255.
DOGE price has investors desperate for support, which could be found at $0.1067, the low from two weeks ago. Expect this level to encounter some bullish activity as for investors it would make sense to go long and place their stops below the all-time high of $0.1004 and $0.1000 as a psychological level. But at the same time this activity opens the door for bears as these placed stops will attract bears and could see a falling knife move with DOGE breaking below $0.1000 and reaching $0.0700 at the S2 monthly support level while the Relative Strength Index (RSI) continues to decline at a slow pace.
DOGE/USD weekly chart
As the talks are set to continue, a solution could be communicated at any time, and this element should be factored into DOGE price action. Expect this to happen to see a short test and quick break above $0.1255, facing that dreaded $0.1400 zone with two previous highs, the 55-day SMA and the pivot monthly that all intersect. Depending on the impact of the headline, once there, expect to see a rally continue up to possibly $0.2000 near the R2 monthly resistance and the 200-day SMA.