Dogecoin is holding key support at $0.0595 against the US dollar. DOGE could start a new increase if there is a clear move above USD 0.062 and USD 0.0635.
- DOGE started a new decline and retested the $0.0595 level against the US dollar.
- The price is trading below the $0.062 level and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price might struggle to break the USD 0.0615 and USD 0.0620 resistance levels.
Dogecoin price holds support
After struggling to clear the $0.0635, the Dogecoin price started another decline. DOGE fell below the $0.0612 level and even peaked below $0.060.
A low formed near $0.0593 and is currently correcting losses like those of Bitcoin and Ethereum. There was a move above the USD 0.0602 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low.
DOGE is now trading below the $0.0615 level and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.0610 level. There is also a major bearish trendline forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair.
The first major resistance is around the $0.0615 level. It is close to the 50% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low.
Source: DOGEUSD on TradingView.com
A close above the resistance at $0.0615 could send the price towards the resistance at $0.0635. The next major resistance is near USD 0.0650. Any further gains could send the price towards the USD 0.0685 level.
Are dips supported in DOGE?
If DOGE price fails to rise above the USD 0.0612 level, it could trigger another decline. The initial downside support is near the USD 0.060 level.
The next major support is near the $0.0595 level. If there is a downside break below the USD 0.0595 support, the price could fall further. In the mentioned case, the price could drop to the $0.055 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now close to the 50 level.
Major support levels – $0.060, $0.0595 and $0.0550.
Major resistance levels – $0.0612, $0.0635 and $0.0650.