Dogecoin started a new decline below the $0.1550 zone against the US dollar. DOGE is now consolidating losses and could face hurdles near USD 0.1560.
- DOGE price started a new decline below the USD 0.150 level.
- The price is trading below the USD 0.150 level and the 100-hour simple moving average.
- A bearish trendline is forming with resistance at $0.1550 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could extend losses if it remains below USD 0.1550 and USD 0.1620.
Dogecoin price continues to fall
Dogecoin price started falling again after closing below $0.1620, just like Bitcoin and Ethereum. DOGE fell below the USD 0.160 and USD 0.1550 support levels.
The price even traded below $0.150. A low formed near $0.1448, and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1448 low. A bearish trendline is also forming with resistance at $0.1550 on the hourly chart of the DOGE/USD pair.
The Dogecoin price is now trading below the $0.1550 level and the 100-hourly moving average. If there is a recovery wave, immediate upside resistance will be around the $0.1520 level. The first major resistance for the bulls could be near the $0.1550 level, the trendline and the 76.4% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1448 low.
The next major resistance is near the $0.1620 level. A close above the resistance at $0.1620 could send the price towards the resistance at $0.170. Any further gains could send the price towards the USD 0.1740 level. The next big stop for the bulls could be $0.1880.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.1550 level, it could continue to decline. The initial downside support is near the $0.1450 level. The next major support is near the $0.1320 level.
The main support is at $0.1250. If there is a downside break below the USD 0.1250 support, the price could fall further. In the mentioned case, the price could slide towards the $0.120 level or even $0.1120 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 – $0.1450 and $0.1380.
Major resistance levels – $0.1550 and $0.1620.