Dogecoin is down more than 10% and is trading below the $0.070 resistance against the US dollar. DOGE could extend losses if there is a move below $0.065.
- DOGE is currently trading in a bearish zone below $0.072 against the US dollar.
- The price is trading well below the $0.070 zone and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance close to $0.071 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- Price could correct higher but gains may be limited above $0.072.
Dogecoin Price Extends Losses
After a strong rejection near $0.078, the Dogecoin price started falling again. DOGE dropped more than 10% and traded below the $0.0720 support zone to enter a bearish zone, similar to Bitcoin and Ethereum.
The price even dropped below the $0.070 level. Finally, it tested the $0.065 zone. A low is formed near $0.0657 and the price is now consolidating losses. It is approaching the 23.6% Fib retracement level from the recent drop from the $0.0772 swing high to the $0.0657 low.
DOGE is now trading well below the USD 0.070 zone and the 100 simple moving average (4 hours). A major bearish trendline is also forming with resistance close to $0.071 on the DOGE/USD pair’s 4-hour chart.
On the upside, the price is facing resistance near the $0.0685 level. The first major resistance is near the $0.070 level or trendline. It is near the 50% Fib retracement level from the recent drop from the $0.0772 swing high to the $0.0657 low.
Source: DOGEUSD at TradingView.com
A close above the $0.072 resistance could push the price towards the $0.075 resistance. The next major resistance is near $0.0780. More gains could push the price towards the $0.080 level.
Lose more in DOGE?
If the price of DOGE fails to move faster than the $0.0720 level, it could drop further. The first support on the downside is near the $0.0655 level.
The next major support is near the $0.0632 level. If there is a downside break below the $0.0632 support, the price could move further. In the said case, the price might fall towards the $0.060 level.
Technical indicators
4am MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Main Support Levels – $0.0655, $0.0632 and $0.0600.
Main resistance levels – $0.070, $0.072 and $0.075.
