Dogecoin started a downward correction from the $0.180 zone against the US dollar. DOGE tested $0.1420 and is currently recovering losses.
- DOGE price started a fresh decline from the USD 0.180 resistance level.
- The price is trading below the USD 0.1650 level and the 100-hour simple moving average.
- A major bearish trendline is forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could start a new increase if it crosses the USD 0.1550 and USD 0.1580 resistance levels.
Dogecoin price looks fresh
Dogecoin price started declining again after failing to clear the $0.180 resistance like Bitcoin and Ethereum. DOGE fell below the USD 0.1720 and USD 0.1650 support levels.
The price even fell below $0.1550 before the bulls appeared. A low was formed at $0.1422 and the price is now trying to make a recovery wave. There was a move above the $0.150 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the high of $0.1790 to the low of $0.1422.
The Dogecoin price is now trading below the $0.1550 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1550 level. The next major resistance is near the $0.1580 level. There is also a major bearish trendline forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair.
A close above the resistance at $0.1580 could send the price towards the resistance at $0.1600. Any further gains could send the price towards the $0.1650 level or the 61.8% Fib retracement level of the downward move from the $0.1790 high to the $0.1422 low. The next big stop for the bulls could be $0.1720.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1550 level, it could trigger another decline. The initial downside support is near the $0.1480 level. The next major support is near the $0.1420 level.
The main support is at $0.1400. If there is a downside break below the USD 0.1400 support, the price could fall further. In the mentioned case, the price could drop to the $0.1320 level or even $0.1300 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.1480 and $0.1420.
Major resistance levels – $0.1550 and $0.1580.