Dogecoin Falls Below Trendline Resistance, Eyes On $0.09149 Breach

Dogecoin (DOGE) is currently facing a challenging position in the market due to bearish forces. It is trading below a key descending trendline, which acts as a formidable resistance, and is under pressure that could push the price toward the critical $0.09149 support level. The cryptocurrency is currently consolidating near this support level, indicating that 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. The Relative Strength Index (RSI) is positioned at 45% on the 4-hour chart, reflecting persistent pessimistic momentum. On the daily chart, Dogecoin is demonstrating notable bearish movement below the 100-day Simple Moving Average (SMA) and the trendline, with the RSI signal line falling to 41%, indicating a shift in momentum that could lead to additional downward movement in DOGE's price. If Dogecoin breaches the $0.09149 support level, it could intensify the downbeat trend, potentially driving DOGE toward the $0.07456 support range. 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.