Dogecoin started a fresh decline from the $0.1720 zone against the US Dollar. DOGE is consolidating and might struggle to recover above $0.1550.
- DOGE price started a fresh decline below the $0.1650 and $0.1550 levels.
- The price is trading below the $0.1600 level and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.160 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it breaks the $0.1380 support zone.
Dogecoin Price Dips Again
Dogecoin price started a fresh decline after it failed to clear $0.1720, similar to the recent movements in Bitcoin and Ethereum. DOGE dipped below the $0.1650 and $0.1550 support levels.
The bearish sentiment overpowered the market, pushing the price below the $0.150 support level, with a low formed at $0.1296. Subsequently, the price underwent a minor correction, briefly surpassing the 50% Fibonacci retracement level of the drop from $0.1727 to $0.1296.
However, the bears remained active near the $0.1560 resistance, coinciding with the 61.8% Fibonacci retracement level of the same downward movement. Moreover, a bearish trend line is forming on the hourly chart, with a resistance point at $0.160.
Currently, DOGE is trading below the $0.160 mark and below the 100-hourly simple moving average. Immediate resistance for an upside movement is near the $0.1500 level, while the first significant resistance for the bulls appears to be around $0.1550.
The next significant resistance level to monitor is at $0.160. A close above this level could signal a potential rally towards the $0.1720 resistance. Should the bulls gain further momentum, targets could extend to $0.180 and potentially $0.1880.
Another Decline In DOGE?
Should DOGE fail to ascend above the $0.150 level, anticipation of another decline looms large. Initial support below lies at $0.1380, while a more crucial support area is set at $0.1320.
The primary support resides at $0.1280. A downside breach of this level may trigger further declines, potentially bringing the price toward $0.1200 or even $0.1120 in the near future.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major Support Levels – $0.1320 and $0.1280.
Major Resistance Levels – $0.1500 and $0.1550.
