The DOGE/USD exchange rate has fallen below the $0.350 area and is starting to decline again. Dogecoin is currently consolidating, and a breakthrough at the resistance level of $0.3350 may lead to a rebound.
The price of DOGE is starting to decline again to below $0.3550 and $0.350.
The price is below the level of $0.350 and the 100-hour simple moving average.
On the hourly chart for DOGE/USD, a connecting bearish trend line has formed, with resistance at $0.3350 (data source: Kraken).
If the price breaks through the resistance levels of $0.3350 and $0.3420, it may gain momentum.
The price of Dogecoin turns red
The price of Dogecoin began a new round of decline after failing to break through $0.40, similar to Bitcoin and Ethereum. Dogecoin has fallen below the support levels of $0.3650 and $0.350, entering a short-term bearish zone.
The price has fallen below the support level of $0.3250. The low was formed at $0.3143, and the current price is attempting to rebound. The price has broken through the resistance level of $0.3250 but remains below the 23.6% Fibonacci retracement level of the downward trend from the high of $0.3981 to the low of $0.3143.
The price of Dogecoin is currently below the $0.340 level and the 100-hour simple moving average. The immediate resistance on the upside is around $0.3350. A connecting bearish trend line has also formed on the hourly chart for DOGE/USD, with resistance at $0.3350.
The first major resistance level for bulls may be around $0.340. The next major resistance level is around $0.350, which is the 50% Fibonacci retracement level of the downward trend from the high of $0.3981 to the low of $0.3143.
A closing price above the resistance level of $0.350 may push the price down to the resistance level of $0.3620. If the price rises further, it could push towards the $0.380 level. The next major stop-loss point for bulls may be $0.40.
Is DOGE declining again?
If the price of DOGE fails to break through the level of $0.3350, it may decline again. The initial support level on the downside is around $0.320. The next major support level is around $0.3150.
The major support level is at $0.30. If the price falls below the support level of $0.30, it may decline further. In this case, the price could drop to $0.2850 or even $0.2720 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
The hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels - $0.320 and $0.3150.
Major resistance levels - $0.3350 and $0.3400.
