Dogecoin (DOGE) Flatlines—Is a Breakout or Breakdown Coming?
Dogecoin started to drop at $0.2620 against the dollar. Doge is now integrating and working to clear the $0.2550 resistor.
- Doge Price started a new drop below the $0.270 and $0.2620 levels.
- Price trades below the $0.2580 level and the 100-hour simple moving average.
- On the hourly chart of the Doge/USD pair (Kraken’s data source), there is a break above the connected bearish trend line with a resistance of $0.2540.
- If the price clears the resistance levels of $0.2550 and $0.2620, the price may increase again.
Dogecoin price strives for pace
Dogecoin’s price starts below the $0.2750 area, different from others Bitcoin and Ethereum. Doge fell below the $0.270 and $0.2620 support levels. It’s even below $0.2550.
The low price is $0.2420 and the current price is trying to recover. From the swing height of $0.2830 to the low of $0.2420, the downward movement of the 23.6% FIB retracement level is higher than a move. On the hourly chart of the Doge/USD pair, there is also a loss bearish trend line on the connected bearish trend line with a resistance of $0.2540.
However, the two are struggling to settle above the resistance level of $0.2550. Dogecoin price is now trading below the 0.2540 rating, while the 100-hour simple moving average. The immediate resistance to rising space is close to the $0.2550 level.
The Bulls’ first major resistance may be close to the $0.2625 level, or close to the 50% FIB retracement level, shifting from the $0.2830 swing speed to the $0.2420 low. The next major resistor is close to the $0.2720 level.
Turning off resistors above $0.2720 may shift the price to a resistor of $0.300. More gains may shift the price to the $0.320 level. The next major site for the Bulls could be $0.3420.
Another decline of the Governor?
If Doge’s price can’t climb above $0.2550, it may drop again. The initial support for disadvantages is close to the $0.2500 level. The next major support is close to the $0.2450 level.
The main support is $0.2420. If the support is below $0.2420, the disadvantage is that the price may drop further. In the case of statements, the price may drop to $0.2350, or even drop to $0.2220 in the short term.
Technical Indicators
Hourly MACD – Doge/USD’s MACD is now losing momentum in bullish areas.
Hourly RSI (Relative Strength Index) – Doge/USD’s RSI is now below level 50.
Main support levels – $0.2500 and $0.2420.
Major resistance levels – $0.2550 and $0.2620.
