Dogecoin is down more than 10% and is trading below the $0.070 resistance against the US Dollar. DOGE could extend its losses if the price breaks below $0.065.
DOGE is currently trading in a bearish zone below $0.072 against the US Dollar.
The price is trading well below the $0.070 area and the 100 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $0.071 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
The price might correct higher, but the upside is likely to be limited above $0.072.
Dogecoin price extends losses
Dogecoin price started a fresh decline after facing a strong rejection near $0.078. DOGE fell more than 10% and broke below the $0.0720 support area to move into a bearish zone, similar to Bitcoin and Ethereum.
The price even declined below the $0.070 level. Finally, it tested the $0.065 area. A low was formed near $0.0657 and the price is currently consolidating its decline. It is approaching the 23.6% Fib retracement level of the recent decline from the $0.0772 swing high to $0.0657 low.
DOGE is currently trading well below the $0.070 area and the 100 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $0.071 on the 4-hours chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0685 level. The first major resistance is near the $0.070 level or the trend line. It is close to the 50% Fib retracement level of the recent drop from the $0.0772 swing high to $0.0657 low.
A close above the $0.072 resistance could push the price towards the $0.075 resistance level. The next major resistance is near the $0.0780 level. Any more gains could push the price towards the $0.080 level.
More losses for DOGE?
If the DOGE price fails to break above the $0.0720 level, it is likely to continue to decline. An initial support on the downside is near the $0.0655 level.
The next major support is near the $0.0632 level. If the $0.0632 support level falls, the price is likely to decline further. In the mentioned case, the price could drop to the $0.060 level.
Technical indicators
4 hours MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major Support Levels – $0.0655, $0.0632, and $0.0600.
Major Resistance Levels – $0.070, $0.072, and $0.075.