Dogecoin started a fresh decline below the $0.250 zone against the US Dollar. DOGE tested $0.2050 is now consolidating below the $0.2250 resistance.
- DOGE price started a fresh decline below the $0.260 and $0.250 levels.
- The price is trading below the $0.2380 level and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.2180 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a recovery if it clears the $0.2180 and $0.2200 resistance levels.
Dogecoin Price Dips Over 5%
Dogecoin price started a fresh decline below the $0.2650 zone, unlike Bitcoin and Ethereum. DOGE dipped below the $0.260 and $0.250 support levels. It even spiked below $0.2150.
A low was formed at $0.2052 and the price is now consolidating losses. There was a move above the $0.2080 level, but the price remained below the 23.6% Fib retracement level of the downward move from the $0.2609 swing high to the $0.2052 low.
Dogecoin price is now trading below the $0.2250 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2150 level. The first major resistance for the bulls could be near the $0.2180 level.
There is also a connecting bearish trend line forming with resistance at $0.2180 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.2250 level.
A close above the $0.2250 resistance might send the price toward the $0.2330 resistance and the 50% Fib retracement level of the downward move from the $0.2609 swing high to the $0.2052 low. Any more gains might send the price toward the $0.250 level. The next major stop for the bulls might be $0.2620.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.2180 level, it could start another decline. Initial support on the downside is near the $0.2065 level. The next major support is near the $0.2050 level.
The main support sits at $0.20. If there is a downside break below the $0.20 support, the price could decline further. In the stated case, the price might decline toward the $0.1880 level or even $0.1740 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.2050 and $0.2000.
Major Resistance Levels – $0.2180 and $0.2250.
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