The Dogecoin exchange rate against the US dollar has returned to the support range of $0.30. At present, Dogecoin is in a consolidation state. Once it breaks through the resistance level of $0.3165, it is expected to gain upward momentum.
The DOGE price has started a downward trend again and has now fallen to the $0.300 level.
The price is not only below $0.320 but also below the 100 hourly simple moving average.
There is a coherent bearish trend line formed with resistance at $0.3165 on the hourly chart of DOGE/USD. The price is likely to gain upside momentum if it clears the $0.3165 and $0.320 resistance levels.
Dogecoin price returns to the support level. Dogecoin price, like Bitcoin and Ethereum, began to decline from well above $0.3350. Currently, the trading price of Dogecoin has not only broken below the two support levels of $0.3250 and $0.3200 but even dipped below $0.3120 at one point.
Its low point is at $0.3081, and the price is currently stabilizing, recovering some lost ground, climbing above $0.3150. The price also tested the 23.6% Fibonacci retracement level of the downward move from the high of $0.3427 to the low of $0.3081.
The current price of Dogecoin is below $0.320 and the 100-hour simple moving average, with the nearest upward resistance level around $0.3165. In the hourly chart of DOGE/USD, there is a continuous bearish trend line, with its resistance level also at $0.3165.
For bulls, the first key resistance level is around $0.3250, which is exactly the 50% Fibonacci retracement level of the downward move from the high of $0.3427 to the low of $0.3081. The next key resistance level is around $0.3295. If the closing price is above this resistance level of $0.3295, the price may move towards the resistance level of $0.350. If the price continues to rise, it could also drop to $0.3680.
The next key stop-loss level for bulls is likely to be set at $0.40. Will DOGE drop again? If the DOGE price cannot break through $0.3165, it is likely to decline again. The initial downward support level is around $0.3120, followed by the next key support level at around $0.3080. The most critical support level is $0.30; if this support level is broken, the price may continue to fall. In this scenario, the price may drop to $0.2850 in the short term, or even down to $0.2620. Technical indicators: Hourly MACD — the MACD indicator for DOGE/USD is currently losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) — the RSI value for DOGE/USD is now below the 50 level.
Key support levels — $0.3080 and $0.3000.
Key resistance levels — $0.3165 and $0.3250.$DOGE