Dogecoin (DOGE) has returned to the support zone around $0.30, and the recent trend is quite noteworthy. Currently, Dogecoin is consolidating, with a key breakout point at $0.3165. Once successfully broken, DOGE is expected to experience a bullish rally.
First, Dogecoin's price has retreated again, currently trading at $0.300, a level that is below $0.320 and the 100-hour simple moving average. Furthermore, from the hourly chart of DOGE/USD, a bearish trend line is forming, with the current resistance level fixed at $0.3165 (data source: Kraken).
Therefore, investors need to closely monitor this resistance line. If the price can break through the key resistance levels of $0.3165 and $0.320, Dogecoin is likely to gain strong upward momentum, initiating a new bullish trend.
Dogecoin price returns to support level
Recently, the price movement of Dogecoin (DOGE) has attracted attention. After reaching a high of over $0.3350, it started a noticeable decline, with the current trading price falling below the support levels of $0.3250 and $0.320, even dipping below $0.3120 at one point. A low was formed at $0.3081, followed by a slight rebound, and it is currently oscillating above $0.3150.
Notably, the price of Dogecoin has tested the 23.6% Fibonacci retracement level from the high of $0.3427 to the low of $0.3081. However, the current price remains below the $0.320 level and the 100-hour simple moving average, indicating that the market remains under pressure. The resistance above is concentrated around $0.3165, forming a bearish trend line.
If the bulls can break above the $0.3165 resistance, the next targets might be $0.3250, or even test the volatility high of $0.3427. However, in the current market environment, investors should remain vigilant, closely monitor price dynamics, and manage risks. The future trend of Dogecoin is worth ongoing attention from every crypto enthusiast!
The next major resistance level is around $0.3295. A closing price above the $0.3295 resistance level could push the price towards the $0.350 resistance level. If the price continues to rise, it may reach $0.3680. The next major stop-loss point for bulls could be $0.40.
Is DOGE dropping again?
If DOGE's price fails to break above the $0.3165 level, it may decline again. The initial support level on the downside is around $0.3120. The next major support level is around $0.3080.
The main support level is at $0.30. If the support at $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.
