Dogecoin once again went back on the $0.30 support zone against the US Dollar. DOGE is now consolidating and may gain traction if it clears the $0.3165 resistance.
- DOGE price started another decline and traded towards the $0.300 level.
- The price is trading below the $0.320 level and the 100-hour simple moving average.
- A connecting bearish trend line is forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain momentum if it clears the $0.3165 and $0.320 resistance levels.
Support Dogecoin price cycles
Dogecoin price started a new decline from well above $0.3350 as Bitcoin and Ethereum. DOGE was trading below the $0.3250 and $0.320 support levels. It was even lower than $0.3120.
A low was formed at $0.3081 and the price is now consolidating losses. It recovered some points and climbed above $0.3150. It tested the 23.6% Fib level of the move down from the $0.3427 swing high to the $0.3081 low.
Dogecoin price is now trading below the $0.320 level and the 100-hour simple moving average. There is immediate resistance on the upside near the $0.3165 level. There is also a connecting bearish trend line forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.3250 level or the 50% Fib level of the move down from the $0.3427 high to the $0.3081 low.
The next major resistance is near the $0.3295 level. A close above the $0.3295 could push the price towards the $0.350 resistance. Any further gains could send the price towards the $0.3680 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 $0.3165 level, it could start another decline. Initial support on the downside is near the $0.3120 level. The next major support is near the $0.3080 level.
The major support is at $0.30. If there is a break below the $0.300 support, the price could go down further. In the mentioned case, the price could decline towards the level of $0.2850 or even $0.2620 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 – $0.3080 and $0.3000.
Key Resistance Levels – $0.3165 and $0.3250.
