Dogecoin has started to adjust below the support level of $0.400 against the US dollar. DOGE is currently consolidating and could aim for a new increase above $0.4050.

  • The price of DOGE has started to decline below $0.40.

  • The price is trading below $0.4050 and the 100-hour simple moving average.

  • There is a bullish trendline forming with support at $0.3950 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could start another bullish wave if it surpasses the resistance levels of $0.4050 and $0.4150.

The price of Dogecoin is heading toward new growth.

The price of Dogecoin started to drop sharply from above $0.410, unlike Bitcoin and Ethereum. DOGE is trading below the support levels of $0.4020 and $0.400. It even spiked below $0.3980.

A low was formed at $0.3963 and the price is currently consolidating losses. The price has recovered some points and risen above $0.40. The price has crossed the 23.6% Fibonacci retracement level of the downward move from the high of $0.4136 to the low of $0.3963.

The price of Dogecoin is currently trading below $0.4050 and the 100-hour simple moving average. Additionally, there is a connecting bullish trendline forming with support at $0.3950 on the hourly chart of the DOGE/USD pair.

Immediate resistance above is near $0.4025. The first major resistance level for buyers could be near $0.4050. The next major resistance level is near $0.4095 or the 76.4% Fibonacci retracement level of the downward move from the high of $0.4136 to the low of $0.3963.

Closing above the resistance level of $0.4095 could push the price up to the resistance level of $0.4150. Any further increase could push the price up to $0.4350. The next major stop for buyers could be $0.4500.

Is DOGE going to incur more losses?

If the DOGE price does not surpass the level of $0.4050, it could start another bearish wave. Initial support during the decline is near $0.3980. The next major support is near $0.3950.

The main support level is at $0.3750. If there is a break below the support level of $0.3750, the price could decline further. In that case, the price could drop to $0.350 or even $0.3420 in the near future.

Technical Indicator

  • 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 below 50.

  • Major support – $0.3980 and $0.3750.

  • Major resistance – $0.4050 and $0.4095.

DYOR! #Write2Win #Write&Earn $DOGE