Dogecoin initiated a notable decline, falling below the $0.1850 level against the US Dollar. Currently, DOGE has tested the $0.1450 mark and is consolidating under the $0.1650 resistance.
- DOGE price began a fresh downturn, breaking below the $0.2000 and $0.1850 key support levels.
- The price is now trading under the $0.1750 threshold and the 100-hourly simple moving average.
- A connecting bearish trend line is forming, with resistance at $0.1680 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- A recovery may occur if the price clears both the $0.1620 and $0.1680 resistance levels.
Dogecoin Price Dives Further
The price of Dogecoin has started a significant decline, falling below the supportive $0.2000 zone, emulating the actions of major cryptocurrencies such as Bitcoin and Ethereum. DOGE has dipped below both the $0.1850 and $0.1680 support levels, even plunging beneath the $0.1620 figure.
An intraday low was established at $0.1440, and the price is currently stabilizing post-decline. A brief rebound was noted above the $0.1500 threshold, with bulls managing to push the price beyond the 23.6% Fib retracement level from the recent high of $0.1809 to the low of $0.1440.
Presently, Dogecoin is trading under the $0.1850 level and has fallen below the 100-hourly simple moving average. Immediate resistance is seen near the $0.1620 mark, or potentially at the 50% Fib retracement level from the aforementioned downward swing.
The bulls face significant resistance at the $0.1680 level, coinciding with an emerging bearish trend line on the hourly chart.
The next critical resistance level appears around $0.1720. A close above this level may propel the price toward the $0.1850 resistance. Further gains could drive the price to the $0.2000 level, with a potential upper target of $0.2050 for the bulls.
More Losses in DOGE?
Should DOGE’s price fail to inch above the $0.1680 resistance, another decline could ensue. Initial support is observed near the $0.150 level, followed by the next significant support at $0.1450.
The main support line is positioned at $0.1420. A breach below this level may trigger a further decline, potentially pushing the price toward $0.1350 or even lower to $0.1250 in the foreseeable future.
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 remains below the 50 threshold.
Major Support Levels – $0.1500 and $0.1450.
Major Resistance Levels – $0.1680 and $0.1880.
