Dogecoin started a downward correction below the $0.400 support against the US Dollar. DOGE is now consolidating and could be aiming for a new high above $0.4050.
- DOGE price started to decline again below the $0.40 level.
- The price is trading below the $0.4050 level and the 100-hour simple moving average.
- A connecting bullish trend line is forming with support at $0.3950 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another rally if it clears the $0.4050 and $0.4150 resistance levels.
Quick update on Dogecoin rate
Dogecoin price started a new decline from well above an unlikely $0.410 Bitcoin and Ethereum. DOGE was trading below the $0.4020 and $0.400 support levels. It was even lower than $0.3980.
A low was formed at $0.3963 and the price is now consolidating losses. It recovered some points and climbed above $0.40. It passed the 23.6% Fib level of the move down from the $0.4136 high to the $0.3963 low.
Dogecoin price is now trading below the $0.4050 level and the 100-hour simple moving average. There is also a connecting bullish trend line with support at $0.3950 on the hourly chart of the DOGE/USD pair.
There is immediate resistance on the upside near the $0.4025 level. The first major resistance for the bulls could be near the $0.4050 level. The next major resistance is near the $0.4095 level or the 76.4% Fib retracement level from the $0.4136 high to the $0.3963 low.
A close to the $0.4095 resistance may push the price towards the $0.4150 resistance. Any further gains could push the price to the $0.4350 level. $0.4500 may be the next big stop for the bulls.
More losses in DOGE?
If the price of DOGE does not climb above the $0.4050 level, it could start another decline. Initial support on the downside is near the $0.3980 level. The next major support is near the $0.3950 level.
The key support is at $0.3750. If there is a break below the $0.3750 support, the price could decline further. In the mentioned case, the price could decline towards the level of $0.350 or even $0.3420 in the long 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 below the 50 level.
Key Support Levels – $0.3980 and $0.3750.
Key Resistance Levels – $0.4050 and $0.4095.
