Dogecoin's exchange rate against the US dollar has fallen below the $0.400 support level and is beginning a downward correction. Dogecoin is currently consolidating and may look to break through $0.4050 to set a new all-time high.
The price of DOGE has started to decline again, falling below $0.40.
This price is below the $0.4050 level and the 100-hour simple moving average.
On the hourly chart for DOGE/USD, a connecting bullish trend line has formed, with support at $0.3950 (data source: Kraken).
If the price breaks through the resistance levels of $0.4050 and $0.4150, it may begin another rebound.
The price of Dogecoin is expected to rise again.
Unlike Bitcoin and Ethereum, Dogecoin's price has started to decline again from well above $0.410. The trading price of Dogecoin is below the support levels of $0.4020 and $0.400. It even briefly fell below $0.3980.
The low formed at $0.3963, and the current price is consolidating the decline. The price has recovered some points and climbed above $0.40. The price has broken through the 23.6% Fibonacci retracement level of the downtrend from the $0.4136 high to the $0.3963 low.
The price of Dogecoin is currently below the $0.4050 level and the 100-hour simple moving average. A connecting bullish trend line has also formed on the hourly chart for DOGE/USD, with a support level at $0.3950.
On the upside, the immediate resistance level is around $0.4025. The first main resistance level for bulls may be around $0.4050. The next main resistance level is around $0.4095, which is the 76.4% Fibonacci retracement level of the downtrend from the $0.4136 high to the $0.3963 low.
If the closing price breaks above the $0.4095 resistance level, it may push the price toward the $0.4150 resistance level. If the price rises further, it may push the price toward the $0.4350 level. The next main stop loss point for bulls may be $0.4500.
Will DOGE lose more?
If the price of DOGE fails to break through the $0.4050 level, it may decline again. The initial support level on the downside is around $0.3980. The next main support level is around $0.3950.
The main support level is at $0.3750. If it breaks below the $0.3750 support level, the price may decline further. In that case, the price may drop toward the $0.350 level or even $0.3420 in the short term.
Technical Indicators
Hourly MACD - The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is now below the 50 level.
Main support levels - $0.3980 and $0.3750.
Main resistance levels - $0.4050 and $0.4095.