Dogecoin started a fresh decline from the $0.1720 zone against the US Dollar. DOGE is now consolidating losses and might recover if it clears $0.1580.
- DOGE price started a fresh decline below the $0.170 and $0.160 levels.
- The price is trading below the $0.160 level and the 100-hourly simple moving average.
- There was a break above a bearish trend line forming with resistance at $0.1510 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a fresh decline if it stays below the $0.1580 zone.
Dogecoin Price Faces Resistance
Dogecoin price started a fresh decline after it failed to clear the $0.1720 zone, underperforming Bitcoin and Ethereum. DOGE declined below the $0.1600 and $0.1580 levels.
The bears even pushed the price below the $0.1450 level. A low was formed at $0.1427 and the price is now attempting to recover. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.1718 swing high to the $0.1427 low.
Besides, there was a break above a bearish trend line forming with resistance at $0.1510 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.1580 level and the 100-hourly simple moving average.
Immediate resistance on the upside is near the $0.1550 level. The first major resistance for the bulls could be near the $0.1580 level. It is close to the 50% Fib retracement level of the downward move from the $0.1718 swing high to the $0.1427 low.
The next major resistance is near the $0.1610 level. A close above the $0.1610 resistance might send the price toward the $0.1720 resistance. Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1580 level, it could start another decline. Initial support on the downside is near the $0.1480 level. The next major support is near the $0.1440 level.
The main support sits at $0.1420. If there is a downside break below the $0.1420 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 level or even $0.1280 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1440 and $0.1420.
Major Resistance Levels – $0.1580 and $0.1610.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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