Dogecoin slipped below $0.12 this week to touch a low of $0.1154, with technical indicators suggesting the meme coin could face difficulty mounting a sustained recovery as long as prices remain below the $0.1350 resistance level.
What Happened: Meme Coin Breaks Support
The token dropped through several support levels including $0.1300 and $0.1250 before finding a floor near $0.1154. A modest bounce followed.
Prices climbed back above $0.1220 and cleared the 23.6% Fibonacci retracement of the decline from $0.1512 to $0.1154. Dogecoin now trades below its 100-hourly simple moving average.
A bearish trend line has formed on the hourly chart with resistance at $0.1350. The 50% Fibonacci retracement level sits near $0.1330.
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Why It Matters: Technical Levels Set
The hourly MACD shows fading momentum in bearish territory while the RSI remains below 50. Both readings point to continued selling pressure.
If prices break above $0.1350, the next targets stand at $0.1380 and $0.140.
A failure to hold $0.1250 could send the token toward $0.1220, with $0.120 serving as the main support. A break below that level opens the door to $0.1150 or $0.1135.
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