Dogecoin started another drop of $0.0820 against the US Dollar. DOGE is falling and it may drop towards the $0.065 support zone.
- DOGE failed to clear $0.0820 and began another decline against the US dollar.
- The price is trading below the $0.080 zone and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance close to $0.078 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The pair could drop further if it sees a move below USD 0.0720.
Dogecoin price drops further
After a small increase, Dogecoin price encountered resistance near $0.0820. DOGE peaked near $0.0815 and started another decline similar to Bitcoin and Ethereum.
There was clear movement below the $0.0800 support and the 100 simple moving average (4 hours). The bears were able to push the price below the key support at $0.0775. A low is forming near $0.0734 and the price is now showing bearish signs.
DOGE is trading below the $0.080 zone and the 100 simple moving average (4 hours). A major bearish trendline is also forming with resistance close to $0.078 on the DOGE/USD pair’s 4-hour chart.
On the upside, the price is facing resistance near the $0.0775 level. It is close to the 50% Fib retracement level of the recent drop from the $0.0815 swing high to the $0.0734 low. The next major resistance is near the $0.078 zone and the trendline.
Source: DOGEUSD at TradingView.com
The trendline is close to the 100 simple moving average (4 hours) and the 61.8% Fib retracement level of the recent drop from the $0.0815 swing high to the $0.0734 low. A close above the $0.078 resistance could push the price towards the $0.082 resistance. The next major resistance is near $0.0850. More gains could push the price towards the $0.090 level.
Lose more in DOGE?
If the price of DOGE fails to rise above the $0.078 level, it could fall further. The first support on the downside is near the $0.0735 level.
The next major support is near the $0.0720 level. If there is a downside break below the $0.072 support, the price may fall further. In the said case, the price might fall towards the $0.070 level.
Technical indicators
4am MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Main Support Levels – $0.0735, $0.072 and $0.070.
Key resistance levels – $0.0775, $0.0780 and $0.082.