Dogecoin has commenced a new decline from the $0.1700 mark against the US Dollar. Currently, DOGE is consolidating, facing challenges in recovering above the $0.1650 threshold.
- DOGE price initiated a fresh decline, dropping below the $0.1650 and $0.1600 levels.
- The price is now trading under $0.1620 and the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $0.1620, as observed on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- Should the price breach the $0.1575 support zone, further losses could materialize.
Dogecoin Price Faces Rejection
The Dogecoin price began a new decline after failing to surpass the $0.170 mark, in contrast to Bitcoin and Ethereum. DOGE has dipped below the crucial support levels of $0.1650 and $0.1600.
The bears have successfully pushed the price below the $0.1585 support level, with close trading around the $0.1575 level, where a low was recorded at $0.1573. A minor correction has since occurred, with a slight recovery leading to movement above the 23.6% Fib retracement level of the downward movement from the $0.1693 swing high to the $0.1573 low.
Currently, Dogecoin is trading under the $0.1620 level and the 100-hourly simple moving average. Immediate resistance lies around the $0.1620 mark. Additionally, a bearish trend line is forming with resistance at $0.1620 on the hourly DOGE/USD chart.
For bulls, the first significant resistance can be anticipated around the $0.1635 level, coinciding with the 50% Fib retracement level derived from the downward movement from the $0.1693 swing high down to the $0.1573 low.
Should the bulls manage to surpass the $0.1665 resistance, this could potentially propel the price towards the $0.1700 region. Any further gains might push the price toward the $0.1720 level, with $0.1800 being the next significant target.
Another Decline in DOGE?
Failure to breach the $0.1620 level may lead DOGE’s price to initiate another decline. Initial support is identified near $0.1575, with major support residing around $0.1540.
The primary support level is situated at $0.1500. A breach below this support could result in a substantial decline, potentially steering the price towards the $0.1420 level or even $0.1350 in the near future.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is presently below the 50 mark.
Major Support Levels – $0.1575 and $0.1540.
Major Resistance Levels – $0.1620 and $0.1665.
