Dogecoin started a fresh decline from the $0.2050 zone against the US Dollar. DOGE is declining and might test the $0.180 support zone.
- DOGE price started a fresh decline below the $0.1980 and $0.1920 levels.
- The price is trading above the $0.180 level and the 100-hourly simple moving average.
- There was a break below a connecting bullish trend line with support at $0.1950 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1940 and $0.1980 resistance levels.
Dogecoin Price Dips Again
Dogecoin price started a fresh decline after it failed to clear $0.2050, mirroring the recent trends seen in Bitcoin and Ethereum. DOGE dipped below the $0.1980 and $0.1920 support levels.
The bears successfully pushed the price below the 23.6% Fibonacci retracement level of the upward move from the $0.1665 swing low to the $0.2057 high, indicating a shift in market sentiment. Furthermore, a break below a connecting bullish trend line with support at $0.1950 on the hourly chart of the DOGE/USD pair adds to the bearish outlook.
Despite this decline, Dogecoin price is currently trading above the $0.180 level and remains above the 100-hourly simple moving average. Immediate resistance on the upside is situated near the $0.1920 level, which could determine the next move for DOGE.
The first major resistance for bulls could be near the $0.1980 level, followed by the critical $0.2050 resistance. A close above $0.2050 might propel the price toward $0.2150, with further gains potentially leading to levels around $0.2220 and $0.2350 for optimistic investors.
More Losses In DOGE?
On the contrary, if DOGE’s price is unable to overcome the $0.1920 resistance, it may initiate another decline. Initial support on the downside is positioned near the $0.1860 level, which aligns with the 50% Fibonacci retracement level of the upward movement from the $0.1665 swing low to the $0.2057 high. Following this, the next significant support level is around $0.1820.
The primary support zone rests at $0.1750. A downside break below this level could lead to further declines, possibly towards $0.170 or even $0.1650 in the near term, signaling caution for investors.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum within the bullish zone, hinting at potential weakness.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is presently falling below the 50 level, suggesting bearish conditions.
Major Support Levels – $0.1860 and $0.1820.
Major Resistance Levels – $0.1920 and $0.1980.
