Dogecoin has begun a fresh decline beneath the $0.350 mark against the US Dollar. Currently, DOGE is consolidating and may see a recovery if it can breach the $0.3350 resistance level.
- DOGE has started a fresh descent below $0.3550 and $0.350.
- The price is trading below the $0.350 threshold and the 100-hourly simple moving average.
- A connecting bearish trend line is forming, establishing resistance at $0.3350 on the hourly DOGE/USD chart (data source from Kraken).
- The price has potential for momentum if it surpasses the $0.3350 and $0.3420 resistance levels.
Dogecoin Price Turns Red
Dogecoin’s price has experienced a fresh decline following its failure to exceed the $0.40 resistance, mirroring the trends seen in leading cryptocurrencies such as Bitcoin and Ethereum. As a result, DOGE has decreased below the $0.3650 and $0.350 support levels, entering a short-term bearish phase.
The decline extended below the $0.3250 support, with a low recorded at $0.3143. However, the price is now attempting a recovery wave. Although it briefly surpassed the $0.3250 resistance, it remains below the 23.6% Fibonacci retracement level of the downward trend from the $0.3981 swing high to the $0.3143 low.
Currently, Dogecoin is trading below the $0.340 level and the 100-hourly simple moving average, with immediate upside resistance situated near the $0.3350 mark. A connecting bearish trend line is also establishing resistance at this level on the hourly chart of the DOGE/USD pair.
The first significant resistance for potential buyers is positioned around the $0.340 level, followed by the key $0.350 resistance or the 50% Fibonacci retracement level from the recent downward move.
A close above the $0.350 resistance could propel the price towards $0.3620. Continued gains may see the price escalating towards the $0.380 level. If upward momentum persists, the next significant target for traders could be the $0.40 mark.
Another Decline in DOGE?
If DOGE fails to surpass the $0.3350 level, it may initiate a further decline. The immediate support on the downside is near the $0.320 level, with a crucial support line situated around $0.3150. In case of a downside break beneath the $0.30 support, the price could experience additional declines toward levels near $0.2850 or potentially even $0.2720 in the near term.
Technical Indicators:
Hourly MACD – The MACD for DOGE/USD has started to gain momentum within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD currently sits below the 50 level.
Major Support Levels – $0.320 and $0.3150.
Major Resistance Levels – $0.3350 and $0.3400.
