Dogecoin (DOGE) Steadies Above Support: Can It Build Momentum?
Dogecoin is back at the $0.30 support zone against the US Dollar. DOGE is currently consolidating and may gain traction if it breaks the $0.3165 resistance.
- DOGE price started declining again and is trading towards the $0.300 level.
- The price is trading below the $0.320 level and the 100 hourly simple moving average.
- There is a bearish trend line connecting with resistance at $0.3165 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price is likely to gain momentum if it breaks the $0.3165 and $0.320 resistance levels.
Dogecoin price regains support
Dogecoin price starts a fresh decline from well above $0.3350, e.g. Bitcoin and Ethereum. DOGE is trading below the $0.3250 and $0.320 support levels. It even surged below $0.3120.
A low was formed at $0.3081 and the price is now consolidating losses. It recovered some points and climbed above $0.3150. It tested the 23.6% Fib retracement level of the downward move from the $0.3427 swing high to $0.3081 low.
Dogecoin price is currently trading below the $0.320 level and the 100 hourly simple moving average. Immediate resistance on the upside lies near $0.3165. There is also a bearish trend line forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair.
The first major resistance level for bulls is likely to be near $0.3250 or the 50% Fibonacci retracement level of the downside move from the $0.3427 swing high to $0.3081 low.
The next major resistance is near $0.3295. A close above the $0.3295 resistance may push the price toward the $0.350 resistance. Any more gains may push the price towards $0.3680 levels. The next major stop for the bulls is likely to be $0.40.
DOGE falls again?
If the price of DOGE fails to climb above $0.3165, another decline could begin. Initial support on the downside is near $0.3120. The next major support is near $0.3080.
The main support level is $0.30. If it breaks below the $0.300 support, the price may fall further. In the above scenario, the price may drop towards $0.2850 or even $0.2620 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 below the 50 level.
Main support levels – $0.3080 and $0.3000.
The main resistance levels – $0.3165 and $0.3250.
