Dogecoin started a fresh decline from the $0.20 zone against the US Dollar. DOGE is now consolidating losses and might recover if it clears $0.180.
DOGE price began a decline below the $0.1880 and $0.180 levels. The price is trading below the $0.1850 level and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $0.1880 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh decline if it falls below the $0.1680 zone.
Dogecoin price started a fresh decline after it failed to clear the $0.20 zone, similar to Bitcoin and Ethereum. DOGE declined below the $0.1920 and $0.1880 levels, with the bears pushing the price below the $0.1750 level. A low was formed at $0.1687, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.2005 swing high to the $0.1687 low.
Dogecoin price is currently trading below the $0.1850 level and the 100-hourly simple moving average. There is also a key bearish trend line forming with resistance at $0.1880 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.1760 level. The first major resistance for the bulls could be near the $0.1840 level, close to the 50% Fib retracement level of the downward move from the $0.2005 swing high to the $0.1687 low. The next major resistance is near the $0.1880 level.
A close above the $0.1880 resistance might send the price toward the $0.20 resistance. Any further gains could push the price to the $0.2050 level, with the next major stop for the bulls potentially at $0.2120.
If DOGE’s price fails to climb above the $0.1850 level, it could begin another decline. Initial support on the downside is near the $0.1685 level and the trend line, while the next major support is near the $0.1650 level. The main support sits at $0.1550.
If there is a downside break below the $0.1550 support, the price could decline further, potentially reaching the $0.1350 level or even $0.1320 in the near term.
Technical indicators show that the hourly MACD for DOGE/USD is now losing momentum in the bearish zone, while the hourly RSI (Relative Strength Index) is below the 50 level.
Major support levels are at $0.1680 and $0.1650, with major resistance levels at $0.1760 and $0.1880.
