Dogecoin started a fresh decline from the $0.1700 zone against the US Dollar. DOGE is consolidating and might struggle to recover above $0.1650.
DOGE price started a fresh decline below the $0.1650 and $0.1600 levels.
The price is trading below the $0.1620 level and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $0.1620 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it breaks the $0.1575 support zone.
Dogecoin Price Faces Rejection
Dogecoin price started a fresh decline after it failed to clear $0.170, unlike Bitcoin and Ethereum. DOGE dipped below the $0.1650 and $0.1600 support levels.
The bears were able to push the price below the $0.1585 support level. It even traded close to the $0.1575 support. A low was formed at $0.1573 and the price recently corrected some losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.1693 swing high to the $0.1573 low.
Dogecoin price is now trading below the $0.1620 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1620 level. There is also a connecting bearish trend line forming with resistance at $0.1620 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.1635 level and the 50% Fib retracement level of the downward move from the $0.1693 swing high to the $0.1573 low.
The next major resistance is near the $0.1665 level. A close above the $0.1665 resistance might send the price toward the $0.1700 resistance. Any more gains might send the price toward the $0.1720 level. The next major stop for the bulls might be $0.1800.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1620 level, it could start another decline. Initial support on the downside is near the $0.1575 level. The next major support is near the $0.1540 level.
The main support sits at $0.1500. If there is a downside break below the $0.1500 support, the price could decline further. In the stated case, the price might decline toward the $0.1420 level or even $0.1350 in the near term.
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.
Major Support Levels – $0.1575 and $0.1540.
Major Resistance Levels – $0.1620 and $0.1665.
