Dogecoin started a downward correction from the $0.400 area against the US Dollar. DOGE is now consolidating and may attempt a new high if it holds 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-hour simple moving average.
- The main bearish trend line is forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another rise if it clears the $0.3520 and $0.3550 resistance levels.
Dogecoin prices to support
Dogecoin price started a fresh decline from the $0.400 front area, unlikely Bitcoin and Ethereum. DOGE fell below the $0.3800 and $0.3650 support levels. It was even lower than $0.350.
The smallest stock dividend was 23.6% Fib. There is also a major 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-hour simple moving average. There is immediate resistance to the upside 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 level of the move down from the $0.4014 high to the $0.3416 low.
A close to the $0.3720 resistance could send the price towards the $0.3860. Any further gains could push the price to the $0.40 level. $0.420 might be the next big stop for the bulls.
Another decline in DOGE?
If DOGE price does not climb above the $0.3550 level, it could start another decline. Initial support on the downside is near the $0.3420 level. The next major support is near the $0.3380 level.
The key support is at $0.3250. If there is a break below the $0.3250 support, the price could decline further. In the mentioned case, the price could decline towards the level of $0.3020 or even $0.300 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 – $0.3400 and $0.3380.
Key Resistance Levels – $0.3550 and $0.3720.
