Dogecoin started a fresh decline from the $0.1900 zone against the US Dollar. DOGE is now correcting losses and might find face hurdles near $0.1750.
- DOGE price failed to clear $0.200 and corrected gains.
- The price is trading below the $0.180 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1740 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a fresh increase if it clears the $0.1800 resistance zone.
Dogecoin Price Eyes Recovery
Dogecoin price started a fresh increase above the $0.1650 resistance, like Bitcoin and Ethereum. DOGE climbed above the $0.1720 and $0.1750 resistance levels before the bears appeared.
A high was formed at $0.1920 and the price started a fresh decline. There was a move below the $0.180 and $0.1750 levels. A low was formed at $0.1671 and the price is now attempting a recovery wave. It surpassed the 50% Fib retracement level of the downward move from the $0.1807 swing high to the $0.1671 low.
Dogecoin price is now trading below the $0.180 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1750 level. There is also a key bearish trend line forming with resistance at $0.1740 on the hourly chart of the DOGE/USD pair.
The trend line is near the 61.8% Fib retracement level of the downward move from the $0.1807 swing high to the $0.1671 low. The first major resistance for the bulls could be near the $0.1840 level.
The next major resistance is near the $0.1850 level. A close above the $0.1850 resistance might send the price toward the $0.1920 resistance. Any more gains might send the price toward the $0.1980 level. The next major stop for the bulls might be $0.200.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1750 level, it could start another decline. Initial support on the downside is near the $0.170 level. The next major support is near the $0.1680 level.
The main support sits at $0.1600. If there is a downside break below the $0.160 support, the price could decline further. In the stated case, the price might decline toward the $0.1550 level or even $0.1450 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 above the 50 level.
Major Support Levels – $0.1700 and $0.1680.
Major Resistance Levels – $0.1750 and $0.1840.
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