Dogecoin extended losses and traded below the $0.1420 support zone against the US dollar. DOGE is currently recovering but faces a major hurdle at $0.1450.
- DOGE price tested the $0.1360 support and began a recovery.
- The price is trading below the $0.1450 level and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOGE/USD pair, there is a major bearish trendline forming at the resistance $0.1430 (data source from Kraken).
- The price should stabilize above $0.1450 to move into positive territory and start a new surge.
Dogecoin Price Expands Losses
After closing below $0.150, Dogecoin price extended its losses and moved into near-term bearish territory like Bitcoin and Ethereum. It fell below the $0.1450 support zone.
A low was formed at $0.1358 and DOGE is attempting a recovery. There was a slight increase above the $0.1420 resistance line. The price broke above the 23.6% Fib retracement level moving down from the $0.1538 swing high to the $0.1358 low.
Dogecoin is still below the $0.1450 level and the 100 simple moving average (4-hours). On the other hand, the price is finding resistance near $0.1430. On the 4-hours chart of the DOGE/USD pair, there is also a major bearish trend line forming at the resistance level of $0.1430.
The next major resistance is near the $0.1450 level and the 100 simple moving average (4-hours). This is consistent with the 50% Fib retracement level of the downward move from the $0.1538 swing high to the $0.1358 low.
Source: DOGEUSD on TradingView.com
A close above the $0.1450 resistance line could cause the price to head towards the $0.1535 resistance line. If more profits are made, the price may drop to the $0.1620 level.
Another decline in DOGE?
If DOGE’s price fails to rise above the $0.1450 level, another decline could begin. Initial support for the downside is near the $0.140 level.
The next major support is near the $0.1360 level. If there is a downward break below the $0.1360 support, the price may fall further. If specified, the price may fall to the $0.1200 level.
technical indicators
4-Hour MACD – The MACD for DOGE/USD is now losing momentum in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.1400, $0.1360 and $0.1200.
Key resistance levels – $0.1430, $0.1450 and $0.1535.
Source: NewsBTC.com