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Dogecoin started a fresh decline below the $0.1450 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.140.
Dogecoin price started a fresh decline after it closed below $0.1500, like Bitcoin and Ethereum. DOGE declined below the $0.1450 and $0.1420 support levels.
The price even traded below $0.140. A low was formed near $0.1348, and the price is now showing bearish signs. It is consolidating below the 23.6% Fib retracement level of the downward move from the $0.1539 swing high to the $0.1348 low.
Dogecoin price is now trading below the $0.140 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1390 level.
The first major resistance for the bulls could be near the $0.140 level. There is also a key declining channel forming with resistance at $0.1395 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.1420 level. A close above the $0.1420 resistance might send the price toward the $0.1445 resistance or the 50% Fib retracement level of the downward move from the $0.1539 swing high to the $0.1348 low. Any more gains might send the price toward the $0.150 level. The next major stop for the bulls might be $0.1540.
If DOGE’s price fails to climb above the $0.1400 level, it could continue to move down. Initial support on the downside is near the $0.1350 level. The next major support is near the $0.1320 level.
The main support sits at $0.1280. If there is a downside break below the $0.1280 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1180 in the near 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 above the 50 level.
