Dogecoin is showing bearish signs below the $0.150 resistance zone against the US dollar. DOGE could accelerate if the USD 0.140 support is broken.
- DOGE price is moving lower below the $0.150 support zone.
- The price is trading below the USD 0.1450 level and the 100-hour simple moving average.
- There was a break below a key bullish trendline with support near $0.1425 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price needs to break above $0.1450 to gain bullish momentum and continue higher.
Dogecoin price drops again
After a decent rise, Dogecoin price faced resistance near the $0.1500 zone. DOGE failed to hold higher and started a new decline below $0.1450, just like Bitcoin and Ethereum.
There was a move below the $0.1420 support level and the 100-hourly moving average. The price fell below the 50% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high. Furthermore, there was a break below a key bullish trendline with support near $0.1425 on the hourly chart of the DOGE/USD pair.
Dogecoin is now trading below the $0.1450 level and the 100-hourly moving average. The bulls are now protecting the $0.140 support zone and the 61.8% Fib retracement level of the upward move from the $0.1337 swing low to the $0.1505 high.
If a new increase occurs, the price may encounter resistance near the $0.1420 level. The next major resistance is near the $0.1450 level. A close above the USD 0.1450 resistance could send the price towards the USD 0.150 resistance. Any further gains could send the price towards the USD 0.1632 level. The next big stop for the bulls could be $0.1720.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.1450 level, it could continue to decline. The initial downside support is near the USD 0.140 level.
The next major support is near the $0.1375 level. If there is a downside break below the USD 0.1375 support, the price could fall further. In the mentioned case, the price could fall towards the USD 0.130 level.
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 – $0.1400, $0.1375 and $0.1300.
Major resistance levels – $0.1450, $0.1500 and $0.1632.
