Dogecoin started a fresh decline from the $0.1850 zone against the US Dollar. DOGE is now correcting losses and might face hurdles near $0.1740.
- DOGE price failed to clear $0.1880 and corrected gains.
- The price is trading below the $0.1750 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1725 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a fresh increase if it clears the $0.1780 resistance zone.
Dogecoin Price Dips Again
Dogecoin price started a fresh decline after it failed to clear the $0.1880 zone, similar to other cryptocurrencies such as Bitcoin and Ethereum. DOGE declined below the $0.1800 and $0.1750 support levels.
Finally, it tested the $0.1680 zone. A low was formed at $0.1685, and the price is now attempting a recovery wave. It climbed above the $0.170 and toward the 23.6% Fibonacci retracement level of the downward move from the $0.1843 swing high to the $0.1685 low.
Dogecoin price is now trading below the $0.1750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1720 level. There is also a key bearish trend line forming with resistance at $0.1725 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.1765 level and the 50% Fibonacci retracement level of the downward move from the $0.1843 swing high to the $0.1685 low. The next major resistance is near the $0.1780 level. A close above the $0.1780 resistance might send the price toward the $0.1850 resistance. Any further gains could push the price toward the $0.1880 level. The next potential stop for the bulls could be $0.200.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1740 level, it could start another decline. Initial support on the downside is near the $0.1685 level, with the next major support at around $0.1650.
The main support sits at $0.1600. Should there be a downside break below this $0.160 support, the price could decline further. In such a scenario, targets might include the $0.1550 level or even $0.1450 in the near term.
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 is now below the 50 level.
Major Support Levels – $0.1685 and $0.1650.
Major Resistance Levels – $0.1740 and $0.1780.
