Dogecoin (DOGE) rally paused: can momentum get back on track?

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The Dogecoin exchange rate against the US dollar broke below the $0.400 support and started a downside correction. Dogecoin is currently consolidating and it may be expected to break above $0.4050 to hit a new all-time high.

Dogecoin price expected to rise again

Unlike Bitcoin and Ethereum, the price of Dogecoin has started to decline again from well above $0.410. Dogecoin is trading below the $0.4020 and $0.400 support levels. It even fell below $0.3980 at one point.

A low was formed at $0.3963 and the price is currently consolidating the decline. The price recovered some points and climbed above $0.40. The price broke the 23.6% Fibonacci retracement level of the downward move from the $0.4136 high to $0.3963 low.

Dogecoin price is currently trading below the $0.4050 level and the 100 hourly simple moving average. There is also a connecting bullish trend line formed with support at $0.3950 on the hourly chart of the DOGE/USD pair.

On the upside, an immediate resistance is near the $0.4025 level. The first major resistance for the bulls is likely to be near the $0.4050 level. The next major resistance is near the $0.4095 level, which is the 76.4% Fibonacci retracement level of the down move from the $0.4136 high to $0.3963 low.

A close above the $0.4095 resistance level could push the price towards the $0.4150 resistance level. Further gains could push the price towards the $0.4350 level. The next major stop for the bulls could be $0.4500.

Is there more for DOGE to lose?

If the price of DOGE fails to break above the $0.4050 level, it may fall again. The initial support on the downside is near $0.3980. The next major support is near $0.3950.

The main support is at $0.3750. If the $0.3750 support level is broken, the price may fall further. In this case, the price may fall towards the $0.350 or even $0.3420 levels in the short term.

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