Dogecoin's price began a new decline from well above $0.3350. DOGE is trading below support levels of $0.3250 and $0.320. It even surged below $0.3120.
After forming a low at $0.3081, the price is now consolidating losses. It has regained some points and climbed above $0.3150. It tested the 23.6% Fibonacci retracement level moving down from the swing high at $0.3427 to the swing low at $0.3081.
Dogecoin's price 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. There is also a connecting bearish trend line forming on the DOGE hourly chart, 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 from the swing high at $0.3427 down to the swing low at $0.3081.
Source: TradingView
The first major resistance level for bulls may be around the $0.3250 level or near the 50% Fibonacci retracement level from the swing high at $0.3427 down to the swing low at $0.3081. The next major resistance level is around $0.3295. Closing above the $0.3295 resistance level may push the price towards the $0.350 resistance level. Any further gains could bring the price close to $0.3680. The next major target for bulls may be $0.40.
Is DOGE falling again?
If DOGE's price fails to rise above $0.3165, it may start 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 breaks down, 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 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.
