Popular meme coin, Dogecoin, recently faced a rejection at a big resistance level of $0.1293. This setback has led the crypto asset to begin a fresh downward move towards its previous low of $0.0914. Since DOGE did not break past the $0.1293 barrier, this has led to speculations amongst market participants concerning the next move of the digital asset.

In this text, we are going to examine the post-rejection price actions of DOGE with the assistance of technical indicators to find out what this rejection could mean for the crypto asset within the near future.

DOGE’s price is currently trading at around $0.121 and is up by 1.85% with a market capitalization of over $17 billion and a trading volume of over $1 billion as of the time of writing. Within the last 24 hours, its market cap and trading volume have increased by 1.83% and 73.09% respectively.

Recent Market Performance: Analyzing DOGE’s Price Motion

Currently, the value of Dogecoin on the 4-hour chart is trading below the bearish trendline and has dropped a bearish momentum after the rejection at $0.129 above the 100-day Easy Moving Average (SMA). Based on these current price actions, the digital asset could also be poised to keep up its bearish sentiment and will potentially extend its bearish move toward the $0.1144 support level.

The formation of the 4-hour Composite Trend Oscillator also suggests a possible bearish continuation for the crypto asset because the signal line has crossed below the SMA of the indicator within the overbought zone attempting to maneuver out of this zone.

On the 1-day chart, the value of DOGE is dropping rapidly after failing to interrupt above the $0.129 and the 1-day bearish trendline. It could possibly be observed that the crypto asset remains to be trading below the 100-day SMA and is currently attempting a bearish move toward the $0.114 support level with a powerful bearish momentum.

Finally, it could observed that the signal line and the SMA are trying to maneuver out of the oversold zone. Nevertheless, this will just be on a short-term note as prices might begin to drop again thereby signaling more bearishness for DOGE.

Potential Support Levels: Where Could Dogecoin Find Stability?

As of at once, Dogecoin is attempting a bearish move toward the $0.1144 support mark. If the crypto asset breaks below this level, it should proceed to maneuver downward toward the $0.0914 support level. A break below this level may trigger more losses for DOGE  to check the $0.0745 level and other lower levels.

Nevertheless, if the value of DOGE reaches the $0.1144 support level and experiences a rejection, it should begin to ascend toward the $0.129 resistance level. The crypto asset may pose an extra climb toward the $0.1491 resistance level and other higher levels if there may be a breach above the $0.129 resistance level.