Dogecoin has revisited the $0.30 support zone against the US dollar. DOGE is now consolidating and could gain strength if it clears the resistance at $0.3165.
- DOGE price started declining again and traded towards the $0.300 level.
- The price is trading below the USD 0.320 level and the 100-hour simple moving average.
- A connecting bearish trendline is forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could gain strength if it breaches the USD 0.3165 and USD 0.320 resistance levels.
Dogecoin Price Revisits Support
The Dogecoin price started a new decline well above $0.3350, like Bitcoin and Ethereum. DOGE traded below the USD 0.3250 and USD 0.320 support levels. It even peaked below $0.3120.
A low was formed at $0.3081 and the price is now consolidating losses. It recovered some points and climbed above $0.3150. It tested the 23.6% Fib retracement level of the downward move from the $0.3427 swing high to the $0.3081 low.
The Dogecoin price is now trading below the $0.320 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.3165 level. A connecting bearish trendline is also forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.3250 level or the 50% Fib retracement level of the downward move from the $0.3427 swing high to the $0.3081 low.
The next major resistance is near the $0.3295 level. A close above the USD 0.3295 resistance could send the price towards the USD 0.350 resistance. Any further gains could send the price towards the USD 0.3680 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 0.3165 level, it could trigger another decline. The initial downside support is near the $0.3120 level. The next major support is near the $0.3080 level.
The main support is at $0.30. If there is a downside break below the USD 0.300 support, the price could fall further. In the mentioned case, the price could drop to the $0.2850 level or even $0.2620 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 below the 50 level.
Major support levels – USD 0.3080 and USD 0.3000.
Major resistance levels – $0.3165 and $0.3250.
