The Dogecoin to USD exchange rate has reverted to the key support zone of $0.30, and it is currently in a consolidation phase. If it successfully breaks through the resistance level of $0.3165, it may gain upward momentum and start a new trend change.
The DOGE price has started to decline again, trading at the level of $0.300.
This price is below the $0.320 level and the 100-hour simple moving average.
On the hourly chart of DOGE/USD, a connecting bearish trend line is forming, with resistance at $0.3165 (data sourced 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.
The Dogecoin price has started to decline from a level significantly above $0.3350, similar to Bitcoin and Ethereum.
Its trading price has fallen below the support levels of $0.3250 and $0.320, even testing below $0.3120 at one point, with a low reaching $0.3081.
Currently, it is stabilizing its decline, with the price rising above $0.3150 and testing the 23.6% Fibonacci retracement level from the high of $0.3427 to the low of $0.3081.
The current Dogecoin price is below the $0.320 level and the 100-hour simple moving average, with immediate resistance around $0.3165.
A bearish trend line is also present on the hourly chart of DOGE/USD, with resistance also at $0.3165. The first key resistance for bulls may be near $0.3250, which is the 50% Fibonacci retracement level from the high of $0.3427 to the low of $0.3081.
The next key resistance level is around $0.3295. If the closing price successfully breaks above this resistance level of $0.3295, the price could potentially reach the resistance area of $0.350.
If the upward trend continues, it could even reach $0.3680.
From a bullish perspective, the next important stop-loss point may be set at $0.40.
Is DOGE going down again?
If the DOGE price cannot break through the $0.3165 level, it may test lower again.
Initial support on the downside is near $0.3120, with the next major support around $0.3080, and the key support at $0.30. If this level is broken, the price could continue to fall, potentially dropping to $0.2850 or even $0.2620 in the short term.
From a technical perspective, the hourly MACD (DOGE/USD) is losing momentum in the bearish zone.
The hourly RSI (DOGE/USD) is currently below the 50 level.
The main support levels are $0.3080 and $0.3000.
The main resistance levels are $0.3165 and $0.3250.