Dogecoin started a fresh decline below the $0.1280 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.130.
- DOGE price started a fresh decline below the $0.120 level.
- The price is trading below the $0.1280 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.130 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it stays below $0.1300 and $0.1320.
Dogecoin Price Dives Below Support
Dogecoin price started a fresh decline after it closed below $0.1320, like Bitcoin and Ethereum . DOGE declined below the $0.1280 and $0.1220 support levels.
The price even traded below $0.1180. A low was formed near $0.1155, and the price is now showing bearish signs. There was a recovery wave above $0.120. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1155 low.
Dogecoin price is now trading below the $0.1280 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1280 level.
The first major resistance for the bulls could be near the $0.130 level and the trend line. The next major resistance is near the $0.1330 level or the 50% Fib retracement level of the downward move from the $0.1512 swing high to the $0.1155 low.
A close above the $0.1330 resistance might send the price toward the $0.1375 resistance. Any more gains might send the price toward the $0.140 level. The next major stop for the bulls might be $0.1420.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1300 level, it could continue to move down. Initial support on the downside is near the $0.1215 level. The next major support is near the $0.120 level.
The main support sits at $0.1150. If there is a downside break below the $0.1150 support, the price could decline further. In the stated case, the price might slide toward the $0.1120 level or even $0.1050 in the near 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.
Major Support Levels – $0.1215 and $0.1200.
Major Resistance Levels – $0.1300 and $0.1330.
