Dogecoin started a new decline below the $0.260 zone against the US dollar. DOGE is now consolidating and could fall further if the price remains below $0.2550.
- DOGE price started a new decline below the USD 0.2550 level.
- The price is trading below the USD 0.2550 level and the 100-hour simple moving average.
- A bearish trendline is forming with resistance at $0.2570 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could extend losses if there is a move below $0.2420.
Dogecoin price cuts profits
Dogecoin price started falling again after closing below $0.2620, just like Bitcoin and Ethereum. DOGE fell below the USD 0.260 and USD 0.2550 support levels.
The price even traded below $0.2450. A low was formed around $0.2430, and the price recently tried to make a recovery wave. There was a move above the 50% Fib retracement level of the downward move from the $0.2701 swing high to the $0.2431 low.
However, the bears were active near the $0.260 resistance and the 61.8% Fib retracement level of the downward move from the $0.2701 swing high to the $0.2431 low. Furthermore, a bearish trendline is forming with resistance at $0.2570 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading below the $0.2550 level and the 100-hourly moving average. If there is a recovery wave, immediate upside resistance will be around the $0.2550 level. The first major resistance for the bulls could be near the $0.2570 level and trendline.
The next major resistance is near the $0.260 level. A close above the USD 0.260 resistance could send the price towards the USD 0.2780 resistance. Any further gains could send the price towards the USD 0.2840 level. The next big stop for the bulls could be $0.2920.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.2550 level, it could continue to decline. The initial downside support is near the $0.2470 level. The next major support is near the $0.2420 level.
The main support is at $0.2350. If there is a downside break below the USD 0.2350 support, the price could fall further. In the mentioned case, the price could slide towards the $0.2120 level or even $0.2050 in the short 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 – $0.2420 and $0.2350.
Major resistance levels – $0.2550 and $0.2600.