Dogecoin started a downside correction from the $0.400 zone against the US Dollar. DOGE is now consolidating and might attempt a fresh increase if it stays above $0.3350.
- DOGE price started a fresh decline below $0.3880 and $0.3650.
- The price is trading below the $0.3550 level and the 100-hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another increase if it clears the $0.3520 and $0.3550 resistance levels.
Dogecoin Price Dips To Support
Dogecoin price started a fresh decline from the $0.400 resistance zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.3800 and $0.3650 support levels. It even spiked below $0.350.
A low was formed at $0.3416 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.4014 swing high to the $0.3416 low. There is also a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading below the $0.3550 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3520 level and the trend line.
The first major resistance for the bulls could be near the $0.3550 level. The next major resistance is near the $0.3720 level or the 50% Fib retracement level of the downward move from the $0.4014 swing high to the $0.3416 low.
A close above the $0.3720 resistance might send the price toward the $0.3860 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.420.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.3550 level, it could start another decline. Initial support on the downside is near the $0.3420 level. The next major support is near the $0.3380 level.
The main support sits at $0.3250. If there is a downside break below the $0.3250 support, the price could decline further. In the stated case, the price might decline toward the $0.3020 level or even $0.300 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.3400 and $0.3380.
Major Resistance Levels – $0.3550 and $0.3720.
