Dogecoin started a new decline below the $0.350 zone against the US dollar. DOGE is now consolidating and could recover if it clears the USD 0.3350 resistance.
- DOGE price started a new decline below USD 0.3550 and USD 0.350.
- The price is trading below the USD 0.350 level and the 100-hour simple moving average.
- A connecting bearish trendline is forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain strength if it breaches the USD 0.3350 and USD 0.3420 resistance levels.
Dogecoin price turns red
Dogecoin price started falling again after failing to surpass $0.40 like Bitcoin and Ethereum. DOGE fell below the USD 0.3650 and USD 0.350 support levels and entered a short-term bearish zone.
There was a move below the support at USD 0.3250. A low was formed at $0.3143 and the price is now trying to make a recovery wave. There was a move above the resistance at $0.3250, but the price is still below the 23.6% Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low.
The Dogecoin price is now trading below the $0.340 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.3350 level. A connecting bearish trendline is also forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.340 level. The next major resistance is near the $0.350 level or the 50% Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low.
A close above the USD 0.350 resistance could send the price towards the USD 0.3620 resistance. Any further gains could send the price towards the USD 0.380 level. The next big stop for the bulls could be $0.40.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.3350 level, it could trigger another decline. The initial downside support is near the USD 0.320 level. The next major support is near the $0.3150 level.
The main support is at $0.30. If there is a downside break below the USD 0.30 support, the price could fall further. In the mentioned case, the price could drop to the $0.2850 level or even $0.2720 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 – USD 0.320 and USD 0.3150.
Major resistance levels – $0.3350 and $0.3400.