Dogecoin started a downward correction from the $0.180 area against the US Dollar. DOGE tested $0.1420 and is currently recovering losses.
- DOGE price started a new decline from the $0.180 resistance level.
- The price is trading below the $0.1650 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a new increase if it crosses the $0.1550 and $0.1580 resistance levels.
Dogecoin price is looking forward to a new increase
Dogecoin price started a new decline after it failed to cross the $0.180 resistance level like Bitcoin and Ethereum. DOGE fell below the $0.1720 and $0.1650 support levels.
The price even fell below $0.1550 before the bulls emerged. The bottom was formed at $0.1422 and the price is now trying a recovery wave. There was a move above the $0.150 resistance area. The price rose above the 23.6% Fibonacci retracement level of the downward move from the high of $0.1790 to the low of $0.1422.
Dogecoin price is now trading below the $0.1550 level and the 100 hourly simple moving average. Immediate resistance on the upside is near the $0.1550 level. The next major resistance is near the $0.1580 level. There is also a major bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair.
A close above the $0.1580 resistance level could send the price towards the $0.1600 resistance level. Any further gains could send the price towards the $0.1650 level or the 61.8% Fibonacci retracement level of the downward move from the high of $0.1790 to the low of $0.1422. The next major stop for the bulls could be $0.1720.
Another dip in DOGE?
If DOGE price fails to rise above the $0.1550 level, it may start another decline. Initial support on the downside is located near the $0.1480 level. The next major support is near the $0.1420 level.
The main support is located at $0.1400. If a bearish breakout occurs below the $0.1400 support level, the price could fall further. In the mentioned case, the price may fall towards the $0.1320 level or even $0.1300 in the near 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.
Key support levels – $0.1480 and $0.1420.
Key resistance levels – $0.1550 and $0.1580.
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