DOGE has initiated a new downtrend below the $0.350 mark against the USD. It is currently consolidating and may see a potential recovery upon breaching the $0.3350 resistance.
The price of DOGE began a fresh decline below $0.3550 and $0.350.
Trading below the $0.350 threshold and the 100-hourly simple moving average.
A bearish trend line is forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (sourced from Kraken).
A breakthrough of the $0.3350 and $0.3420 resistance levels could bring momentum to the price.
Dogecoin Experiences Downtrend
The value of Dogecoin dropped following its inability to surpass $0.40, a trend also seen with Bitcoin and Ethereum. DOGE fell below the $0.3650 and $0.350 support levels, entering a bearish territory.
A dip below the $0.3250 support level led to a low of $0.3143 before the price began a recovery. Despite overcoming the $0.3250 resistance, the price remains under the 23.6% Fib retracement level from the $0.3981 high to the $0.3143 low.
DOGE is currently under the $0.340 level and the 100-hourly simple moving average. Immediate resistance lies near $0.3350, along with a bearish trend line at the same level on the hourly chart of DOGE/USD.
The primary resistance levels for buyers are at $0.340 and $0.350, corresponding to the 50% Fib retracement from the recent high to the low.
A breach above the $0.350 barrier could propel the price towards $0.3620 and beyond. Further gains might lead to $0.380 before eyeing the $0.40 mark.
Potential Downward Movement in DOGE
If DOGE fails to climb above $0.3350, a new decline could ensue. Initial support is at $0.320, followed by a major support near $0.3150.
A significant support exists at $0.30, and breaking below it could trigger further declines towards $0.2850 or even $0.2720 in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is showing bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below 50.
Major Support Levels – $0.320 and $0.3150.
Major Resistance Levels – $0.3350 and $0.3400.
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