Dogecoin Sinks Below $0.14, Faces Uphill Battle to Reclaim Resistance Zone

Dogecoin has been struggling to regain its footing after breaking through multiple support levels, dropping below $0.14 and trading near $0.1348. The token's decline is attributed to a broader market downturn that affected Bitcoin and Ethereum as well.

According to Kraken's hourly chart, DOGE is forming a declining channel with resistance at $0.1395, while the price remains below the 100-hourly simple moving average. Additionally, the token is consolidating below the 23.6% Fibonacci retracement level of its move from the $0.1539 swing high to the $0.1348 low.

Major resistance stands at $0.1400 and $0.1420, with a close above the latter potentially pushing prices toward $0.1445 or the 50% Fibonacci retracement level. On the other hand, support levels sit at $0.1350 and $0.1320, with the main floor at $0.1280.