Dogecoin started a fresh decline below the $0.1720 zone against the US Dollar. DOGE tested $0.1650 and is now attempting to recover toward $0.180.
- DOGE price started a fresh decline below the $0.1750 and $0.1720 levels.
- The price is trading above the $0.170 level and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1750 and $0.1800 resistance levels.
Dogecoin Price Eyes Recovery
Dogecoin price started a fresh decline below the $0.1750 zone, similar to major cryptocurrencies such as Bitcoin and Ethereum. DOGE dipped below the $0.1720 and $0.1700 support levels, even testing a low of $0.1646.
At present, it appears that the price is attempting a strong comeback. A move above the $0.1680 level indicates bullish activity, with bulls pushing the price above the 50% Fibonacci retracement level of the downward move from the $0.1791 swing high to the $0.1646 low.
Currently, Dogecoin is trading above the $0.170 level and the 100-hourly simple moving average. A bullish trend line is forming, providing solid support near $0.1680 as observed on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is positioned near the $0.1755 level, aligned with the 76.4% Fibonacci retracement level of the earlier downward movement. The first major resistance for the bulls could be found near the $0.1780 level.
Should Dogecoin traverse the $0.1800 barrier successfully, it may embolden further advances towards the $0.1850 and potentially the $0.2000 level, with the bulls eyeing $0.2050 as the next significant point of interest.
More Losses in DOGE?
On the contrary, if DOGE’s price fails to breach the $0.1755 resistance, we may witness another downward movement. Initial support can be observed around the $0.1720 level, while a more significant support lies at $0.1680.
Crucially, the main support level is situated at $0.1650. A break below this level could catalyze a further decline, targeting the $0.1620 and potentially the $0.1550 levels in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently experiencing reduced momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD stands above the 50 threshold, indicating a potential bullish recovery scenario.
Major Support Levels – $0.1680 and $0.1650.
Major Resistance Levels – $0.1755 and $0.1800.
