Dogecoin has started a downward correction from the $0.400 zone against the US dollar. Doge is now consolidating and may attempt a fresh rise if it stays above $0.3350.
- Doge price started a new decline below $0.3880 and $0.3650.
- The price is trading below the $0.3550 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may start another increase if it clears the $0.3520 and $0.3550 resistance levels.
Dogecoin Price to support
Dogecoin price started a new decline from the $0.400 resistance zone, unlike Bitcoin and Ethereum. DOGE is dipped below the $0.3800 and $0.3650 support levels. It even increased below $0.350.
A low was formed at $0.3416 and the price is now consolidating losses below the 23.6% FIB retracement level of the move down from the $0.4014 high above to the $0 low ,3416. There is also a large bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading below the $0.3550 level and the 100 hourly simple moving average. Immediate resistance on the upside is near the $0.3520 level and the trend line.
The first major resistance for the bulls could be near the $0.3550 level. The next major resistance is near the $0.3720 level or the 50% FIB retracement level of the move down from the $0.4014 high to the $0.3416 low.
A close above the $0.3720 resistance could send the price to the $0.3860 resistance. Further gains could send the price to the $0.40 level. The next major stop for the Bulls could be $0.420.
Another decline in the doge?
If Doge price fails to rise above the $0.3550 level, another decline may begin. Initial support on the downside is near the $0.3420 level. The next major support is near the $0.3380 level.
Major support is at $0.3250. If there is a break below the $0.3250 support, the price may decline further. In the stated case, the price could decline towards the $0.30 or even $0.300 level in the short 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.
The main support levels – $0.3400 and $0.3380.
The main resistance levels – $0.3550 and $0.3720.