Dogecoin price turns red
After failing to break above $0.40, the price of Dogecoin has started a new round of decline, similar to Bitcoin and Ethereum. Dogecoin has broken below the support levels of $0.3650 and $0.350, entering a short-term bearish zone.
The price has broken below the support level of $0.3250. The low was formed at $0.3143, and the current price is attempting to rebound. The price has broken the resistance level of $0.3250 but remains below the 23.6% Fibonacci retracement level of the downward move from the $0.3981 high to the $0.3143 low.
The price of Dogecoin is currently below the $0.340 level and the 100-hour simple moving average. Immediate resistance is around $0.3350. A bearish trend line has also formed on the hourly chart of the DOGE/USD pair, with resistance at $0.3350.
The first major resistance for the bulls may be around $0.340. The next major resistance is around $0.350, which is the 50% Fibonacci retracement level of the downward move from the $0.3981 high to the $0.3143 low.
A closing price above the $0.350 resistance may drive the price down towards the $0.3620 resistance. If the price continues to rise, it may push towards the $0.380 level. The next major stop-loss point for the bulls may be $0.40.
Is DOGE declining again?
If the price of DOGE fails to break above the $0.3350 level, it may decline again. The initial support on the downside is around $0.320. The next major support is around $0.3150.
Major support is at $0.30. If the price breaks below the $0.30 support level, it may decline further. In this case, the price could fall to $0.2850 or even $0.2720 in the short term.
