Dogecoin extended its losses and traded below the $0.1420 support area against the US Dollar. DOGE is now recovering but faces major hurdles at $0.1450.
- DOGE price tested the support at $0.1360 and started a recovery wave.
- The price is trading below the $0.1450 level and the 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance at $0.1430 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The price must settle above $0.1450 to move into positive territory and start a new rise.
Dogecoin price increases losses
After closing below $0.150, Dogecoin price extended its losses and moved into a short-term bearish zone, like Bitcoin and Ethereum. There was a decline below the $0.1450 support area.
A bottom has been formed at $0.1358 and DOGE is trying to make a recovery wave. There was a slight increase above the $0.1420 resistance level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the swing high of $0.1538 to the swing low of $0.1358.
Dogecoin remains below the $0.1450 level and the 100 simple moving average (4-hours). On the upside, the price is facing resistance near the $0.1430 level. There is also a major bearish trend line forming with resistance at $0.1430 on the 4-hours chart of the DOGE/USD pair.
The next major resistance is near the $0.1450 level and the 100 simple moving average (4-hours). This coincides with the 50% Fibonacci retracement level of the downward movement from the high of $0.1538 to the low of $0.1358.
source: DOGEUSD on TradingView.com
A close above the $0.1450 resistance level could send the price towards the $0.1535 resistance level. Any further gains may push the price towards the $0.1620 level.
Another decline in DOGE?
If DOGE price fails to rise above the $0.1450 level, it may start another decline. Initial support on the downside is near the $0.140 level.
The next major support is located near the $0.1360 level. If there is a bearish breakout below the $0.1360 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.1200 level.
Technical indicators
MACD on 4-hour chart – The MACD indicator for DOGE/USD is now losing momentum in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key Support Levels – $0.1400, $0.1360, and $0.1200.
Major resistance levels – $0.1430, $0.1450, and $0.1535.