Dogecoin started to decline again below the $0.350 zone against the US Dollar. DOGE is now consolidating and could recover if it clears the $0.3350 resistance.
- DOGE price started a new decline below $0.3550 and $0.350.
- The price is trading below the $0.350 level and the 100-hour simple moving average.
- A connecting bearish trend line is forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain momentum if it clears the $0.3350 and $0.3420 resistance levels.
The price of Dogecoin is turning red
The price of Dogecoin started to decline anew after it failed to cross $0.40, like Bitcoin and Ethereum. DOGE declined below the $0.3650 and $0.350 support levels to enter short-term bearish territory.
There was a move below the $0.3250 support. A low was formed at $0.3143 and the price is now trying to make a wave recovery. There was a move above the $0.3250 resistance but the price is still below the 23.6% Fib level of the move down from the $0.3981 high to the $0.3143 low.
Dogecoin price is now trading below the $0.340 level and the 100-hour simple moving average. There is immediate resistance on the upside near the $0.3350 level. There is also a connecting bearish trend line forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.340 level. The next major resistance is near the $0.350 level or the 50% Fib level of the move down from the $0.3981 high to the $0.3143 low.
A close above the $0.350 resistance could send the price towards the $0.3620 resistance. Any further gains could push the price towards the $0.380 level. $0.40 may be the next big stop for the bulls.
Another decline in DOGE?
If the price of DOGE does not climb above the $0.3350 level, it could start another decline. Initial support on the downside is near the $0.320 level. The next major support is near the $0.3150 level.
The major support is at $0.30. If there is a break below the $0.30 support, the price could go down further. In the mentioned case, the price could decline towards the level of $0.2850 or even $0.2720 in the long term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Key Support Levels – $0.320 and $0.3150.
Key Resistance Levels – $0.3350 and $0.3400.
