Dogecoin started a downward correction from the $0.400 area against the US Dollar. Doge is now consolidating and could attempt a further increase if it remains above $0.3350.
- Doge Price started a fresh decline below $0.3880 and $0.3650.
- The price is trading below the $0.3550 level and the 100 hourly moving average.
- There is a major downtrend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could begin another increase if it clears the $0.3520 and $0.3550 resistance levels.
Dogecoin Price Tands to Support
Dogecoin price started a fresh decline from the $0.400 resistance zone, unlike Bitcoin and Ethereum. Doge declined below the $0.3800 and $0.3650 support levels. It even rose 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 downward move from the $0.4014 swing to the $0.3416 level. There is also a major downtrend 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 moving average. Immediate resistance on the upside is near the $0.3520 level and the trendline.
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 swing high to the $0.3416 level.
A close above the $0.3720 resistance could send the price towards 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 Doge drop?
If Doge price fails to climb above the $0.3550 level, it could begin another decline. Initial support for the downside is near the $0.3420 level. The next major support is near the $0.3380 level.
The main support lies at $0.3250. If there is a downside break below the $0.3250 support, the price could decline further. In the stated case, the price could decline towards the $0.3020 level or even $0.300 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.
Major support levels – $0.3400 and $0.3380.
Major resistance levels – $0.3550 and $0.3720.