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Dogecoin corrected gains and tested the $0.1620 range against the US Dollar. Dogecoin is currently forming a base and it could start a fresh increase above $0.1680.

  • DOGE price declined and tested the critical support of $0.1620.

  • The price is trading below the $0.1650 level and the 100 hourly simple moving average.

  • There is a key bearish trend line forming with resistance at $0.1685 on the hourly chart of the DOGE/USD pair (data source: Kraken).

  • The price must settle above $0.170 to move into a positive zone and start a fresh increase.

Dogecoin price finds support

After a steady rise, Dogecoin price faced resistance near the $0.1750 area. A recent swing high was formed at $0.1705, after which Dogecoin started a downside correction like bitcoin and Ethereum. It broke below the $0.1650 support area.

A low was formed at $0.1620 and Dogecoin is currently consolidating in preparation for the next move. Dogecoin is currently trading below the $0.1650 level and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $0.1664 level. The price is close to the 50% Fibonacci retracement level of the down move from the $0.1705 swing high to $0.1620 low.

The next major resistance is near the $0.1685 level, which is the 76.4% Fibonacci retracement level of the downward move from the $0.1705 high to $0.1620 low. There is also a key bearish trend line formed with resistance at $0.1685 on the hourly chart of the DOGE/USD pair.

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A close above the $0.1685 resistance can push the price towards the $0.1725 resistance. Further gains can push the price towards the $0.1750 level. The next major stop for the bulls could be $0.1800.

Can DOGE lose more?

If the DOGE price fails to clear the $0.1685 level, it is likely to decline again. An initial support on the downside is near the $0.1620 level.

The next major support is near the $0.1550 level. If there is a break below the $0.1550 support, the price could decline further. In such a case, the price could drop towards the $0.1520 level.

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 now below the 50 level.

Major Support Levels – $0.1620, $0.1550 and $0.1520.

Major Resistance Levels – $0.1660, $0.1685, and $0.1720.


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