The price of Dogecoin has returned to the support level.
The price of Dogecoin started to decline from well above $0.3350, similar to Bitcoin and Ethereum. The trading price of Dogecoin is below the support levels of $0.3250 and $0.320. It even surged below $0.3120.
The low formed at $0.3081, and the current price is consolidating the decline. The price has recovered some points and climbed above $0.3150. The price tested the 23.6% Fibonacci retracement level of the downward trend from the high of $0.3427 to the low of $0.3081.
The price of Dogecoin is currently below the $0.320 level and the 100-hour simple moving average. Immediate resistance is around $0.3165. A bearish trendline has also formed on the hourly chart of DOGE/USD, with resistance at $0.3165.
The first major resistance level for bulls may be around $0.3250, or the 50% Fibonacci retracement level of the downward trend from the swing high of $0.3427 to the low of $0.3081.
The next major resistance level is around $0.3295. A closing price above the $0.3295 resistance may push the price towards the $0.350 resistance level. If the price continues to rise, it could approach $0.3680. The next major stop-loss point for bulls may be $0.40.
Is DOGE dropping again?
If the price of DOGE fails to break the $0.3165 level, it may drop again. The initial support level on the downside is around $0.3120. The next major support level is around $0.3080.
The main support level is at $0.30. If the support level of $0.300 is broken, the price may drop further. In this case, the price could fall to $0.2850 or even $0.2620 in the short term.