Dogecoin (DOGE) Lags Behind: Struggles to Reignite Bullish Momentum
Dogecoin/USD exchange rate started a downward correction from the $0.400 area. DOGE is currently consolidating and may attempt a fresh rise if it holds above $0.3350.
- DOGE price started a new round of decline, falling below $0.3880 and $0.3650.
- The price is trading below the $0.3550 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- If the price breaks the $0.3520 and $0.3550 resistance levels, it may start rising higher again.
Dogecoin price falls to support
Dogecoin price begins a fresh decline from the $0.400 resistance zone, which coincides with Bitcoin and Ethereum. DOGE fell below the $0.3800 and $0.3650 support levels. It even surged below $0.350.
A low was formed at $0.3416 and the price is currently consolidating losses below the 23.6% Fib retracement level of the swing high from $0.4014 to $0.3416 low. There is also a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the DOGE/USD pair.
Dogecoin price is currently trading below the $0.3550 level and the 100 hourly simple moving average. Immediate resistance on the upside lies near the $0.3520 level and trendline.
The first major resistance level for bulls is likely to be near $0.3550. The next major resistance is near $0.3720, which is the 50% Fib retracement level of the downward move from the $0.4014 swing high to $0.3416 low.
A close above the $0.3720 resistance may push the price towards the $0.3860 resistance. Any more gains could push the price towards the $0.40 level. The next major stop for the bulls is likely to be $0.420.
DOGE falls again?
If the price of DOGE fails to climb above $0.3550, another decline could begin. Initial support on the downside is near $0.3420. The next major support is near $0.3380.
The main support level is $0.3250. If it breaks below the $0.3250 support, the price may decline further. In the above scenario, the price may drop towards $0.3020 or even $0.300 levels in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – $0.3400 and $0.3380.
The main resistance levels – $0.3550 and $0.3720.
