Dogecoin has initiated a new downward trend, starting from the $0.1720 range against the US Dollar. Currently, DOGE is experiencing a consolidation of losses, and a potential recovery could occur if it surpasses the $0.1580 mark.
The price of DOGE has fallen below the $0.170 and $0.160 thresholds, now trading beneath the $0.160 level and the 100-hour simple moving average. An upward breach above a bearish trend line, which had a resistance point at $0.1510, was noted on the hourly chart for the DOGE/USD trading pair, sourced from Kraken. Should the price remain below the $0.1580 zone, it may be poised for further declines.
Following its inability to break through the $0.1720 zone, Dogecoin's price has faced downward pressure, lagging behind Bitcoin and Ethereum. The cryptocurrency has slipped below the $0.1600 and $0.1580 levels, with bearish momentum pushing it down past $0.1450. A low of $0.1427 was established, and the price is currently attempting a recovery.
There has been a slight rebound above the 23.6% Fibonacci retracement level of the downward movement from the $0.1718 high to the $0.1427 low. Additionally, the price has surpassed a bearish trend line with resistance at $0.1510 on the hourly DOGE/USD chart. Presently, Dogecoin is trading under the $0.1580 level and the 100-hour simple moving average, with immediate resistance around the $0.1550 mark. The first significant resistance level for bullish traders may be near $0.1580, which coincides with the 50% Fibonacci retracement level of the aforementioned downward trend.
The next substantial resistance lies at approximately $0.1610. If the price closes above this resistance, it could potentially rise towards the $0.1720 level. Continued upward movement could propel the price towards $0.200, with a significant target for bulls at $0.2120.
However, if DOGE's price fails to rise above $0.1580, it may trigger another decline. Initial support on the downside is located near the $0.1480 level, with major support levels at $0.1440 and $0.1420. A breach below the $0.1420 support could lead to a further decline, potentially driving the price towards $0.1350 or even $0.1280 in the short term.
Technical indicators show that the hourly MACD for DOGE/USD is currently losing momentum within the bearish zone. Meanwhile, the hourly Relative Strength Index (RSI) for DOGE/USD is positioned above the 50 level, indicating a mixed sentiment in the market.
In summary, major support levels to watch are $0.1440 and $0.1420, while key resistance levels are identified at $0.1580 and $0.1610.
