The Dogecoin to USD exchange rate has returned to the $0.30 support area. Dogecoin is currently consolidating, and if it breaks above the resistance level of $0.3165, it may gain momentum.
The DOGE price has started to decline again and is trading at the level of $0.300.
The price is below the level of $0.320 and the 100-hour simple moving average.
On the hourly chart for the DOGE/USD pair, a connecting bearish trend line is forming, with resistance at $0.3165 (data source: Kraken).
If the price breaks above the resistance levels of $0.3165 and $0.320, it may gain momentum.
The price of Dogecoin has returned to the support level.
The price of Dogecoin has started to decline from a price well above $0.3350, similar to Bitcoin and Ethereum. Dogecoin is trading below the support levels of $0.3250 and $0.320. It even surged below $0.3120.
The low was 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 move from the high of $0.3427 to the low of $0.3081.
The price of Dogecoin is currently below the level of $0.320 and the 100-hour simple moving average. Immediate upward resistance is around $0.3165. A connecting bearish trend line has also formed on the hourly chart for the DOGE/USD pair, with resistance at $0.3165.
The first major resistance level for the bulls may be around $0.3250, or the 50% Fibonacci retracement level of the downward move 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 resistance level of $0.3295 may push the price towards the resistance level of $0.350. If the price continues to rise, it may head towards $0.3680. The next major stop-loss point for the bulls could be $0.40.
Is DOGE declining again?
If the price of DOGE fails to break above the level of $0.3165, it may decline again. The initial support level on the downside is around $0.3120. The next major support level is around $0.3080.
Major support is at $0.30. If the support level of $0.300 is broken, the price may decline further. In this case, the price could drop to $0.2850 or even $0.2620 in the short term.
Technical indicators
Hourly MACD - The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is currently below the 50 level.
Major support levels - $0.3080 and $0.3000.
Major resistance levels - $0.3165 and $0.3250.