Dogecoin started a downward correction from the $0.400 zone against the US dollar. Doge is now consolidating and could attempt another increase if it stays above $0.3350.
- Doge price started a new decline below $0.3880 and $0.3650.
- The price is trading below the $0.3550 level and the 100-hour simple moving average.
- There is a major bearish trendline forming with resistance at $0.3520 on the hourly table of the Doge/USD pair (Kraken data source).
- The price could start a new increase if it clears the $0.3520 and $0.3550 resistance levels.
Dogecoin price dips to support
Dogecoin price started a new decline from the $0.400 resistance zone, unlike Bitcoin and Ethereum. Doge fell below the $0.3800 and $0.3650 support levels. It was even below $0.350.
A low was formed at $0.3416 and the price is now making losses below the 23.6% FIB retracement level of the downward move from the $0.4014 Swing High to the $0.3416 low. There is also a major bearish trendline forming with resistance at $0.3520 on the hourly table of the Doge/USD pair.
Dogecoin price is now trading below the $0.3550 level and the 100-hour simple moving average. Immediate resistance on the upside is near the $0.3520 level and the trendline.
The first major resistance for the Bulls could be near the $0.3550 level. The next major resistance is near the $0.3720 level or the 50% FIB retracement level of the downward move from the $0.4014 Swing High to the $0.3416 low.
A close above the resistance at $0.3720 could send the price towards the resistance at $0.3860. More gains could send the price towards the $0.40 level. The next big stop for the Bulls could be $0.420.
Another decline from Doge?
If Doge’s price fails to climb above the $0.3550 level, it could start another decline. The first support on the downside is near the $0.3420 level. The next major support is near the $0.3380 level.
The main support is at $0.3250. If there is a downside break below the $0.3250 support, the price may decline further. In the said case, the price may drop to the $0.3020 level or even $0.300 in the near term.
Technical indicators
Hourly MacD – The MACD for Doge/USD is now gaining momentum in the bearish zone.
Picly RSI (relative strength index) – The RSI for Doge/USD is now below the 50 level.
Major support levels – $0.3400 and $0.3380.
Major resistance levels – $0.3550 and $0.3720.