Dogecoin has started a new decline below the $0.350 area against the US dollar. DOGE is currently consolidating and may recover if it surpasses the resistance at $0.3350.

  • The DOGE price has started to decline below $0.3550 and $0.350.

  • The price is trading below $0.350 and the 100-hour simple moving average.

  • There is a descending trendline forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could surge if it breaks above the resistance levels of $0.3350 and $0.3420.

The Dogecoin price has turned red.

The Dogecoin price has started to decrease again after failing to break through the $0.40 level, similar to Bitcoin and Ethereum. DOGE has fallen below the support levels of $0.3650 and $0.350 to enter a short-term bearish zone.

There is a move below the support at $0.3250. A low was formed at $0.3143, and the price is currently trying to create a recovery. There is a move above the resistance at $0.3250, but the price remains below the 23.6% Fibonacci retracement level of the move down from $0.3981 to $0.3143.

The Dogecoin price is currently trading below $0.340 and the 100-hour simple moving average. Immediate resistance above is near $0.3350. Additionally, there is a descending trendline forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair.

The first major resistance for buyers could be near $0.340. The next significant resistance is near $0.350 or the 50% Fibonacci retracement level of the move down from $0.3981 to $0.3143.

Closing above the resistance at $0.3500 could push the price up to the resistance at $0.3620. Any further increase could drive the price up to $0.380. The next major stop for buyers could be $0.40.

Is DOGE Continuing to Decline?

If the DOGE price does not surpass $0.3350, it may begin another decline. Initial support during the drop is near the $0.320 level. The next key support is near the $0.3150 level.

The main support level is at $0.30. If there is a breakdown below the $0.30 support, the price may decline further. In that case, the price could drop to $0.2850 or even $0.2720 in the near future.

Technical Indicators:

  • Hourly MACD – The MACD for DOGE/USD is currently accelerating in the bearish zone.

  • Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is currently below 50.

  • Key support levels – $0.320 and $0.3150.

  • Key resistance levels – $0.3350 and $0.3400.