Dogecoin began a fresh decline from the $0.1900 zone against the US Dollar. Currently, DOGE is in the process of correcting its losses but may face hurdles near the $0.1750 mark.
- DOGE price failed to surpass $0.200 and subsequently corrected any gains.
- The price is currently trading below the $0.180 level and the 100-hourly simple moving average.
- A bearish trend line is forming with a resistance point at $0.1740 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- There’s potential for a fresh upward movement if the price can clear the $0.1800 resistance zone.
Dogecoin Price Eyes Recovery
After starting a notable increase above the $0.1650 resistance mark—similar to movements seen in Bitcoin and Ethereum—Dogecoin surpassed the $0.1720 and $0.1750 resistance levels before the bears took control.
A high was recognized at $0.1920, after which the price began to decline sharply, dipping below both the $0.180 and $0.1750 thresholds. Subsequently, a low was recorded at $0.1671, and it appears the price is now attempting to initiate a recovery phase, as it has moved past the 50% Fibonacci retracement level of its downward trajectory from the $0.1807 swing high to the $0.1671 low.
Currently, Dogecoin’s price remains below the $0.180 level, as well as the 100-hourly simple moving average. Immediate upside resistance is located near the $0.1750 level, and a key bearish trend line is forming with resistance at $0.1740 on the DOGE/USD hourly chart.
This trend line is situated close to the 61.8% Fibonacci retracement level of the downward move from $0.1807 to $0.1671. A significant challenge for bulls is expected near the $0.1840 level.
The next significant resistance area is anticipated near the $0.1850 level. A close above this threshold could propel the price towards $0.1920, with further gains possibly targeting the $0.1980 level, and major resistance lies at $0.200.
Prospects for Another Decline in DOGE?
If Dogecoin fails to breach the $0.1750 resistance, the possibility of another decline looms. Initial support is observed near the $0.170 mark, with further major support located at approximately $0.1680.
Key support stands at $0.1600. Should the price dip below this level, additional declines may occur, potentially dropping towards $0.1550 or even $0.1450 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is presently above the 50 level, indicating a potential recovery.
Major Support Levels – $0.1700 and $0.1680.
Major Resistance Levels – $0.1750 and $0.1840.
