Dogecoin price rebounds
The price of Dogecoin has started to decline from well above $0.3550, similar to Bitcoin and Ethereum. Dogecoin is trading below the support levels of $0.3350 and $0.320. It even briefly fell below $0.280.
The low formed at $0.2613, and the current price is recovering. It has regained some points and climbed above $0.300. It tested the 23.6% Fibonacci retracement level of the downward trend from the high of $0.4095 to the low of $0.2613.
The DOGE/USD pair has broken the connecting bearish trend line on the hourly chart, with resistance at $0.3120. The Dogecoin price is currently trading above $0.320 and the 100-hour simple moving average.
On the upside, immediate resistance is near $0.3350. The first major resistance for bulls might be around $0.3520, which is the 61.8% Fibonacci retracement of the downward trend from the high of $0.4095 to the low of $0.2613.
The next major resistance level is around $0.3750. A close above the $0.3750 resistance may push the price towards the $0.3880 resistance level. If the price rises further, it could reach $0.40. The next major stop-loss point for bulls might be $0.4120.
Is DOGE declining again?
If the price of DOGE fails to break above the $0.3350 level, it may decline again. The initial support level on the downside is around $0.30. The next major support level is around $0.2850.
The main support level is at $0.2620. If the support level of $0.2620 is broken, the price may decline further. In this case, the price could drop to $0.250 or even $0.2320 in the short term.
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