Market
Dogecoin Falls Below Trendline Resistance, Eyes On $0.09149 Breach
Dogecoin (DOGE) finds itself in a challenging position as bearish forces continue to dominate the market. Currently trading below a key descending trendline, DOGE faces mounting pressure that could push the price toward the critical $0.09149 support level. With the bearish trendline acting as a formidable resistance, any failure to hold this support could signal further downside movement.
This article aims to provide a comprehensive analysis of Dogecoin’s current negative outlook, highlighting its position under the trendline resistance and the potential implications of a breach below the $0.09149 support level. By examining key technical indicators and market sentiment, the article seeks to offer insights into whether DOGE will continue its downward trajectory or find a reversal.
With a market capitalization exceeding $14 billion and a trading volume surpassing $471 million, Dogecoin was trading at approximately $0.9683, reflecting a 1% increase at the time of writing. In the past 24 hours, its market cap has risen by 1.01%, while trading volume has declined by 3.71%.
Price Action Analysis: Assessing The Downward Pressure On Dogecoin
On the 4-hour chart, Dogecoin, trading below the 100-day Simple Moving Average (SMA), is exhibiting consistent bearish momentum. The cryptocurrency is currently consolidating just above the $0.09149 mark.
Related Reading
This consolidation near a critical support level suggests that despite brief attempts to recover, selling pressure remains dominant. If DOGE fails to maintain its position above $0.09149, it could trigger an extended decline, potentially pushing the price lower as bears continue to exert control.
Additionally, on the 4-hour chart, the Relative Strength Index (RSI) is positioned at 45%, failing to rise above the 50% mark. This failure to gain traction above the midpoint reflects persistent pessimistic momentum, suggesting that downward pressure may continue, as the RSI’s position below 50% reinforces the likelihood of further bearish activity in the market.
On the daily chart, Dogecoin is still demonstrating notable bearish movement below the 100-day SMA and the trendline. The cryptocurrency is currently approaching the support level at $0.09149, indicating ongoing downward pressure and the potential for more declines if this support fails to hold.
Finally, the RSI signal line on the 1-day chart has fallen to 41%, slipping below the 50% threshold, reflecting a shift in momentum that could lead to additional downward movement in DOGE’s price.
Potential Scenarios: What Could Happen If DOGE Breaks $0.09149?
If Dogecoin breaches the $0.09149 support level, several scenarios could unfold. A successful break below this key support might intensify the downbeat trend, potentially driving DOGE toward the $0.07456 support range. Should this level be breached, the price could further decrease to test the $0.0559 support mark, and possibly explore even lower support zones.
Related Reading
Conversely, if Dogecoin holds above $0.09149 and reverses its decline, it could indicate a bullish turnaround, which might set the stage for a rally toward the trendline resistance. A successful break above this trendline could trigger a significant uptrend, possibly pushing DOGE toward $0.1293 and beyond.
Featured image from Unsplash, chart from Tradingview.com
Market
Can Bulls Stage A Comeback?
Chainlink is facing increasing bearish pressure as its price continues to edge lower, signalling a potential move toward the further downside. After a period of consolidation, the bears have regained control, pushing Chainlink closer toward the $9.28 support level.
However, bulls may not be ready to give up just yet. With market sentiment fluctuating, the possibility of a bullish comeback looms on the horizon. By examining key technical indicators and market sentiment, we seek to determine if LINK is poised for a deeper decline or if bullish forces could reverse the current trend and drive the price upward.
At the time of writing, Chainlink was trading around $10.59, marking a 0.10% decline over the past day. The cryptocurrency’s market capitalization stood at approximately $6.4 billion, while trading volume exceeded $206 million, showing increases of 0.10% and 15.36%, respectively.
Current Market Sentiment: Bearish Pressure Mounts On Chainlink
On the 4-hour chart, following a successful drop below the $11 mark, LINK has continued to experience negative momentum, dropping toward the 100-day Simple Moving Average (SMA). As the cryptocurrency approaches the 100-day SMA, it could either find temporary support or risk further declines if the bearish momentum continues to intensify.
Also, the Relative Strength Index (RSI) on the 4-hour chart, has dropped below the 50% threshold, now sitting at 42%. With the RSI attempting to move deeper into the oversold territory, it shows that bears are gaining control, and an extended decrease could be on the horizon if buying interest does not pick up soon.
Related Reading
On the daily chart, Chainlink is currently making a bearish movement, toward the $7.14 trading below the 100-day Simple Moving Average. This movement underscores strong selling pressure and negative market sentiment, signaling a heightened risk of further losses.
Lastly, the 1-day RSI reflects increasing pessimistic pressure on LINK, as the indicator has fallen to 47% after briefly crossing above the 50% threshold. This drop highlights mounting selling activity and signals a stronger potential for additional downward movement.
Will LINK See A Recovery Or Further Decline?
As the cryptocurrency approaches the $9.28 support level, which could spark a potential rebound, technical indicators like the RSI still point to strong selling pressure. If LINK fails to hold this level, a break below could result in persistent declines, potentially testing the $7.14 support level and even lower thresholds.
Related Reading
However, should Chainlink manage to hold above this crucial support level, it could set the stage for a potential upward move toward the $11.10 resistance. A successful breakout through this resistance could ignite a significant rally, paving the way for the price to aim for the next key resistance at $12.44. If bullish momentum continues to build, Chainlink may even reach higher levels, extending the rally beyond current resistance points.
Featured image from Medium, chart from Tradingview.com
Market
Bitcoin Price Bounces Back, But Can It Sustain Above $60K?
Bitcoin price started another increase above the $58,500 resistance. BTC is back above $60,000 and again struggling to continue higher.
- Bitcoin is correcting gains from the $61,200 resistance zone.
- The price is trading above $59,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could climb again if it stays above the $59,400 support zone.
Bitcoin Price Reclaims $60K
Bitcoin price remained supported above the $57,500 level. BTC formed a base and started another increase above the $58,500 resistance zone. There was a clear move above the $60,000 level.
The price tested the $61,200 resistance zone. A high was formed at $61,300 and the price is now correcting gains. There was a move below the $60,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high.
Bitcoin is now trading above $59,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,500 level. There is also a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $60,650 level. A clear move above the $60,650 resistance might start a steady increase in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.
More Downsides In BTC?
If Bitcoin fails to rise above the $60,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level.
The first major support is $59,750. The next support is now near the $59,400 zone and the 100 hourly Simple moving average or the 50% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high. Any more losses might send the price toward the $58,450 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,000, followed by $59,400.
Major Resistance Levels – $60,500, and $61,200.
Market
BNB Price Set to Outperform: Is a Breakout Coming Soon?
BNB price started a fresh increase above the $542 resistance zone. The price is now consolidating gains and might aim for more gains above $550.
- BNB price started a fresh increase above the $540 resistance zone.
- The price is now trading below $550 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $540 pivot level to start another increase in the near term.
BNB Price Regains Traction
In the past few days, BNB outperformed Ethereum and Bitcoin. It remained stable above $525 and started another increase above the $535 resistance zone.
There was a move above the $542 and $545 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $562 swing high to the $527 low. However, the bears are now active near the $550 resistance zone.
The price is now trading below $550 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $550 level. There is also a key bearish trend line forming with resistance at $550 on the hourly chart of the BNB/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $562 swing high to the $527 low.
The next resistance sits near the $558 level. A clear move above the $558 zone could send the price higher. In the stated case, BNB price could test $565. A close above the $565 resistance might set the pace for a larger move toward the $580 resistance. Any more gains might call for a test of the $592 level in the near term.
Are Dips Supported?
If BNB fails to clear the $550 resistance, it could start another decline. Initial support on the downside is near the $544 level. The next major support is near the $540 level.
The main support sits at $535. If there is a downside break below the $535 support, the price could drop toward the $520 support. Any more losses could initiate a larger decline toward the $505 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $540 and $535.
Major Resistance Levels – $550 and $558.
-
Market3 months ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Altcoin3 months ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation5 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
NFT3 months ago
New And Upcoming NFT Projects
-
Altcoin3 months ago
2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT3 months ago
BLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
Blockchain5 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 months ago
Ethena (ENA) Whale Faces $13M Loss With 30% Token Drop