Dogecoin has entered a new phase of decline, dropping from the $0.1880 mark against the US Dollar. Currently, DOGE is stabilizing its losses but may see a rebound if it surpasses the $0.1780 threshold.
Following a significant drop below both the $0.1880 and $0.180 levels, the price is now trading under the $0.180 mark and the 100-hour simple moving average. A bearish trend line is also forming, indicating resistance at $0.1760 on the hourly chart for the DOGE/USD pair, sourced from Kraken. Should the price dip below the $0.180 area, it could initiate further declines.
After struggling to break through the $0.1880 barrier, Dogecoin's price began to fall, mirroring trends seen in Bitcoin and Ethereum. DOGE fell below the $0.1800 and $0.1750 levels, with bearish pressure pushing it even lower, reaching a low of $0.1695. The price is currently consolidating below the 23.6% Fibonacci retracement level, calculated from the recent high of $0.2064 to the low of $0.1697.
At present, Dogecoin is trading below the $0.180 mark and the 100-hourly simple moving average. The bearish trend line continues to pose resistance at $0.1760. Immediate resistance is noted around the $0.1760 level, with potential further resistance near $0.1785 and $0.180. A breakthrough above the $0.180 resistance could propel the price towards $0.1880, which aligns with the 50% Fibonacci retracement level from the recent downtrend.
Should the upward momentum continue, the next significant target for bulls could be around $0.200, with a potential stop at $0.2120.
However, if Dogecoin's price fails to rise above the $0.180 threshold, it risks initiating another decline. Initial support is identified near the $0.1720 level, with further support at $0.1700, and the key support level situated at $0.1680. A break below this critical support could lead to further declines, potentially down to $0.1550 or even $0.1525 in the near future.
In terms of technical indicators, the hourly MACD for DOGE/USD is losing momentum in the bearish zone. Meanwhile, the hourly Relative Strength Index (RSI) for DOGE/USD remains above the 50 mark, indicating some potential for recovery. Major support levels are identified at $0.1700 and $0.1680, while major resistance levels are at $0.1760 and $0.1800.
