Dogecoin has started to adjust downwards from the $0.180 zone against the US dollar. DOGE has tested the $0.1420 level and is currently recovering from the loss.
The DOGE price has started to decline again from the resistance level of $0.180.
The price is trading below $0.1650 and the 100-hour simple moving average.
There is a significant bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source: Kraken).
The price may start to rise again if it surpasses the resistance levels of $0.1550 and $0.1580.
The Dogecoin price is heading towards new growth
The Dogecoin price started to decline again after failing to surpass the resistance of $0.180 like Bitcoin and Ethereum. DOGE has fallen below the support levels of $0.1720 and $0.1650.
The price even dropped below $0.1550 before the buyers appeared. The low was formed at $0.1422 and the price is currently trying to create a wave of recovery. There is a move that crosses the resistance zone of $0.150. The price has risen above the 23.6% Fibonacci retracement of the downward move from the high of $0.1790 to the low of $0.1422.
The Dogecoin price is currently trading below $0.1550 and the 100-hour simple moving average. The immediate resistance above is near $0.1550. The next major resistance is near $0.1580. Additionally, there is a significant bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair.
Closing above the resistance of $0.1580 could push the price up to the resistance of $0.1600. Any further increase could drive the price to $0.1650 or the 61.8% Fibonacci retracement of the downward move from the high of $0.1790 to the low of $0.1422. The next major stop for the buyers could be $0.1720.
Is DOGE continuing to decline?
If the DOGE price does not surpass $0.1550, it may begin another bearish phase. Initial support on the downside is near $0.1480. The next main support is near $0.1420.
The main support level is at $0.1400. If there is a breakdown below the support of $0.1400, the price could decline further. In that case, the price could drop to $0.1320 or even $0.1300 in the near future.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is currently above 50.
Main support – $0.1480 and $0.1420.
Main resistance – $0.1550 and $0.1580.
