Dogecoin is consolidating above the $0.3650 support against the US Dollar. If Dogecoin breaks above the $0.400 resistance, it is likely to resume its up move.
DOGE price started a downside correction below $0.420.
The price is trading below the $0.400 level and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance at $0.3920 on the hourly chart of the DOGE/USD pair (data source: Kraken).
If the price clears the $0.400 and $0.4100 resistance levels, it could start another upward move.
Dogecoin price expected to rise again
Dogecoin's price has started to make a downward correction below $0.450, similar to Bitcoin and Ethereum. Dogecoin is trading below the support levels of $0.420 and $0.400. A low has formed at $0.3646, and the price is currently consolidating losses.
Slightly up above $0.380. The price tested the 23.6% Fibonacci retracement of the downward movement from the high of $0.4808 to the low of $0.3646. However, bears seem to be active below $0.40.
Dogecoin's price is currently trading at the $0.40 level and above the 100-hour simple moving average. Direct resistance on the upside is around $0.3920. A key bearish trend line has also formed on the hourly chart of DOGE/USD, with resistance at $0.3920.
The first major resistance level for bulls may be around $0.400. The next major resistance level is around $0.4220, which is the 50% Fibonacci retracement of the downward movement from the high of $0.4808 to the low of $0.3646.
If the closing price is above the resistance level of $0.4220, it may push the price towards the resistance level of $0.4520. If the price continues to rise, it may push the price towards the $0.4800 level. The next major stop-loss point for bulls may be $0.500.
Is DOGE dropping again?
If the price of DOGE fails to break above the $0.400 level, it may drop again. The initial support level on the downside is around $0.3780. The next major support level is around $0.3650.
The major support level is at $0.3500. If the support level at $0.3500 is broken, the price may drop further. In this case, the price may fall towards the levels of $0.3200 or even $0.3000 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 now close to the 50 level.
Major support levels - $0.3780 and $0.3650.
Major resistance levels - $0.4000 and $0.4220.
