Dogecoin started a new decline below the $0.1420 zone against the US dollar. DOGE is now consolidating losses and could face hurdles near USD 0.1440.
- DOGE price started a new decline below the USD 0.1420 level.
- The price is trading below the USD 0.1420 level and the 100-hour simple moving average.
- A major bearish trendline is forming at resistance at $0.1440 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could extend losses if it remains below USD 0.1420 and USD 0.1440.
Dogecoin price faces resistance
Dogecoin price started falling again after closing below $0.1465, just like Bitcoin and Ethereum. DOGE fell below the USD 0.1440 and USD 0.140 support levels.
The price even traded below $0.1380. A low was formed near USD 0.1363, and the price recently corrected some losses. There was a small increase above the 23.6% Fib retracement level on the downward move from the $0.1530 swing high to the $0.1363 low.
The Dogecoin price is now trading below the $0.1420 level and the 100-hourly moving average. If there is a recovery wave, immediate upside resistance will be around the $0.1425 level. The first major resistance for the bulls could be near the $0.1440 level. There is also a major bearish trendline forming with resistance at $0.1440 on the hourly chart of the DOGE/USD pair.
The next major resistance is near the $0.1490 level and the 76.4% Fib retracement level of the downward move from the $0.1530 swing high to the $0.1363 low. A close above the resistance at $0.1490 could send the price towards the resistance at $0.1530. Any further gains could send the price towards the USD 0.1550 level. The next big stop for the bulls could be $0.1620.
Another drop in DOGE?
If DOGE price fails to rise above the USD 0.1440 level, it could continue to decline. The initial downside support is near the $0.1380 level. The next major support is near the $0.1360 level.
The main support is at $0.1320. If there is a downside break below the USD 0.1320 support, the price could fall further. In the mentioned case, the price could slide towards the $0.1250 level or even $0.1240 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 – $0.1360 and $0.1320.
Major resistance levels – $0.1440 and $0.1490.