Dogecoin starts to decline from the $0.180 area against the US dollar. Dogecoin tested $0.1420 and is currently recovering lost ground.
DOGE price starts to decline again from the resistance level of $0.180.
Price is below the $0.1650 level and the 100-hour simple moving average.
A key bearish trend line has formed on the hourly chart of the DOGE/USD pair, with resistance at $0.1580 (data source: Kraken).
If the price breaks through the resistance levels of $0.1550 and $0.1580, it may begin a new round of increases.
Dogecoin price is expected to rise again
Dogecoin price failed to break the $0.180 resistance level like Bitcoin and Ethereum, beginning a new round of decline. Dogecoin has broken below the support levels of $0.1720 and $0.1650.
Before the bulls appeared, the price even dropped below $0.1550. The low formed at $0.1422, and the price is currently trying to bounce back. The price has broken through the resistance zone of $0.150. The price has risen above the 23.6% Fibonacci retracement level of the downtrend from the high of $0.1790 to the low of $0.1422.
Dogecoin price is currently below the $0.1550 level and the 100-hour simple moving average. Direct resistance is around $0.1550. The next major resistance is around $0.1580. A key bearish trend line has also formed on the hourly chart of the DOGE/USD pair, with resistance at $0.1580.
A closing price above the $0.1580 resistance may push the price towards the $0.1600 resistance level. If the price rises further, it may drop to the $0.1650 level or the 61.8% Fibonacci retracement level from the high of $0.1790 to the low of $0.1422. The next major stop-loss point for bulls may be $0.1720.
DOGE declines again?
If the price of DOGE fails to break through the $0.1550 level, it may decline again. The initial support level downwards is around $0.1480. The next major support level is around $0.1420.
The major support level is at $0.1400. If the support level of $0.1400 is broken, the price may decline further. In this case, the price may drop to $0.1320 or even $0.1300 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 currently above the 50 level.
Major support levels - $0.1480 and $0.1420.
Major resistance levels - $0.1550 and $0.1580
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