The Dogecoin to USD exchange rate has returned to the support area of $0.30. Dogecoin is currently consolidating, and if it breaks through the resistance level of $0.3165, it may gain upward momentum.
DOGE price begins to decline again, trading at the level of $0.300.
This price is below the level of $0.320 and the 100-hour simple moving average.
On the hourly chart for DOGE/USD, a connecting bearish trendline has formed, with resistance at $0.3165 (data from Kraken).
If the price breaks through the resistance levels of $0.3165 and $0.320, it may gain momentum.
Dogecoin price has returned to the support level
Dogecoin's price started to decline from well above $0.3350, similar to Bitcoin and Ethereum. Dogecoin's trading price is below the support levels of $0.3250 and $0.320. It even surged below $0.3120.
The low formed at $0.3081, and the current price is consolidating the drop. The price has recovered some points and has risen above $0.3150. The price tested the 23.6% Fibonacci retracement level of the downward movement from the high of $0.3427 to the low of $0.3081.
Dogecoin price is currently below the level of $0.320 and the 100-hour simple moving average. Immediate resistance to the upside is around $0.3165. A connecting bearish trendline has also formed on the hourly chart for DOGE/USD, with resistance at $0.3165.
The first major resistance level for bulls may be around $0.3250, or the 50% Fibonacci retracement level of the downward movement from the swing high of $0.3427 to the low of $0.3081.
The next major resistance level is around $0.3295. A close above the resistance level of $0.3295 may drive the price toward the resistance level of $0.350. If the price continues to rise, it may drop toward $0.3680. The next major stop-loss point for bulls may be $0.40.
Is DOGE declining again?
If the price of DOGE fails to break through the level of $0.3165, it may decline again. The initial support level to the downside is around $0.3120. The next major support level is around $0.3080.
The major support level is at $0.30. If the support level of $0.300 is broken, the price may decline further. In this case, the price may drop to the levels of $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 area.
Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is now below the level of 50.
Major support levels - $0.3080 and $0.3000.
Major resistance levels - $0.3165 and $0.3250.
