Dogecoin has revisited the $0.30 support area against the dollar. DOGE is now consolidating, and if it breaks through the resistance level of $0.3165, it may gain traction.
The price of DOGE is starting to decline again and trading at the $0.300 level.
Price is below the $0.320 level and the 100-hour simple moving average.
On the hourly chart of the DOGE/USD pair, a connected bearish trendline is forming, with resistance at $0.3165 (data sourced from Kraken).
If the resistance levels of $0.3165 and $0.320 are broken, the price may gain momentum.
Dogecoin Price Revisits Support
The price of Dogecoin has started a new decline from well above $0.3350, similar to Bitcoin and Ethereum. DOGE is trading below the support levels of $0.3250 and $0.320. It even soared below $0.3120.
A low was formed at $0.3081, and the price is now consolidating losses. It has recovered some points and climbed above $0.3150. It tested the 23.6% Fibonacci retracement level moving down from the swing high of $0.3427 to the low of $0.3081.
The price of Dogecoin is now trading below the $0.320 level and the 100-hour simple moving average. The immediate resistance level on the upside is near $0.3165. On the hourly chart of the DOGE/USD pair, there is also a connected bearish trendline forming with resistance at $0.3165.
The first major resistance level for bulls may be around the $0.3250 level or near the 50% Fibonacci retracement level moving down from the swing high of $0.3427 to the low of $0.3081.
Source: DOGEUSD on TradingView.com
The next major resistance level is around $0.3295. A close above the resistance level of $0.3295 may lead the price towards the resistance level of $0.350. Any further gains could bring the price closer to the level of $0.3680. The next major bullish target could be $0.40.
Is DOGE declining again?
If the price of DOGE fails to rise above $0.3165, it may begin another decline. The initial support level on 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 downward, the price may decline further. In that case, the price could drop to $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 zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.3080 and $0.3000.
Major resistance levels – $0.3165 and $0.3250.
