Dogecoin started a fresh decline below the $0.1320 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1350.
- DOGE price started a fresh decline below the $0.1250 level.
- The price is trading below the $0.130 level and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.1350 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it stays below $0.1300 and $0.1350.
Dogecoin Price Dives Below Support
Dogecoin price started a fresh decline after it closed below $0.1350, like Bitcoin and Ethereum. DOGE declined below the $0.1300 and $0.1250 support levels.
The price even traded below $0.120. A low was formed near $0.1154, and the price is now showing bearish signs. There was a recovery wave above $0.1220. The price cleared the 23.6% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1154 low.
Dogecoin price is now trading below the $0.130 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.130 level.
The first major resistance for the bulls could be near the $0.1330 level or the 50% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1154 low. The next major resistance is near the $0.1350 level and trend line.
A close above the $0.1350 resistance might send the price toward the $0.1380 resistance. Any more gains might send the price toward the $0.140 level. The next major stop for the bulls might be $0.1420.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1300 level, it could continue to move down. Initial support on the downside is near the $0.1250 level. The next major support is near the $0.1220 level.
The main support sits at $0.120. If there is a downside break below the $0.120 support, the price could decline further. In the stated case, the price might slide toward the $0.1150 level or even $0.1135 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 below the 50 level.
Major Support Levels – $0.1250 and $0.1220.
Major Resistance Levels – $0.1300 and $0.1350.
