Dogecoin started another decline from the $0.1285 resistance area against the US Dollar. DOGE is strengthening and may resume its decline below $0.1220.
- DOGE price is moving lower below the $0.1250 support area.
- The price is trading below the $0.1250 level and the 100 hourly simple moving average.
- There is a major ascending channel or bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price must settle above $0.1260 and $0.1285 to gain upward momentum and start a new rise.
Dogecoin prices drop again
After a good rebound, Dogecoin price faced resistance near the $0.1285 area. DOGE failed to continue higher and started a new decline from the high of $0.1285 like Bitcoin and Ethereum.
There was a move below the $0.1250 support level and the 100 hourly simple moving average. The price fell below the 23.6% Fibonacci retracement level of the upward move from the swing low of $0.1129 to the swing high of $0.1285. However, the bulls are now active near the $0.1220 area.
Dogecoin is now trading below the $0.1250 level and the 100 hourly simple moving average. There is also a major ascending channel or bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair.
If there is a new increase, the price may face resistance near the $0.1260 level. The next major resistance is near the $0.1285 level. A close above the $0.1285 resistance level could send the price towards the $0.1350 resistance level. Any further gains may send the price towards the $0.1420 level. The next major stop for the bulls could be $0.150.
More losses in DOGE?
If DOGE price fails to rise above the $0.1285 level, it may continue to move lower. Initial support on the downside is located near the $0.1220 level.
The next major support is located near the $0.1185 level. If there is a bearish breakout below the $0.1185 support level, the price may fall further. In the mentioned case, the price may fall towards the $0.1120 level.
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.
Key Support Levels – $0.1220, $0.1185, and $0.1120.
Major resistance levels – $0.1260, $0.1285, and $0.1320.