The DOGE/USD exchange rate has fallen below the $0.400 support level, beginning a significant downward correction. DOGE is currently trading near the $0.3750 support level and may rebound.
DOGE price starts to decline again, falling below $0.420.
The price is below the $0.40 level and the 100-hour simple moving average.
On the hourly chart for DOGE/USD, a connecting bearish trend line is forming, with resistance at $0.4260 (data from Kraken).
If the price breaks through the resistance levels of $0.420 and $0.4250, it may start another rebound.
DOGE price dips to support level
The price of DOGE has started to decline from far above $0.440, similar to Bitcoin and Ethereum. The trading price of DOGE is below the support levels of $0.4120 and $0.400. It even briefly fell below $0.3880.
The low formed at $0.3749, and the current price is consolidating its decline. The price has recovered some points and climbed above $0.3850. The price tested the 23.6% Fibonacci retracement level of the downward trend from the high of $0.4777 to the low of $0.3749.
The price of DOGE is currently below the $0.4250 level and the 100-hour simple moving average. The immediate resistance on the upside is near $0.4080. The first major resistance level for bulls may be near $0.4250.
A connecting bearish trend line has also formed on the hourly chart for DOGE/USD, with resistance at $0.4260. It is approaching the 50% Fibonacci retracement level of the downward trend from the high of $0.4777 to the low of $0.3749.
The next major resistance level is near $0.4550. A close above the $0.4550 resistance level may push the price towards the $0.4650 resistance level. If the price continues to rise, it may head towards $0.5000. The next major stop-loss point for bulls may be $0.5200.
Will DOGE lose more?
If the price of DOGE fails to break through the $0.4250 level, it may decline again. The initial support level on the downside is near $0.3880. The next major support level is around $0.3750.
The major support level is at $0.3650. If it breaks below the $0.3650 support level, the price may decline further. In this case, the price may fall towards $0.3420 or even $0.3250 in the short term. Public.粽.好: Liuliu talks about coins (weekly analysis strategy for Bitcoin and Ethereum from Monday to Saturday, long-term recommendations for quality individual coins and live analysis)
Technical indicators
Hourly MACD - The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is now below the 50 level.
Major support levels - $0.3880 and $0.3750.
Major resistance levels - $0.4080 and $0.4250.
