Dogecoin is struggling to break above the $0.1650 resistance level against the US dollar. If DOGE falls below the $0.140 support, it could fall significantly.
- DOGE faces many obstacles near the $0.1650 and $0.170 levels against the US dollar.
- The price is trading below the $0.1620 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 resistance $0.1620 (data source from Kraken).
- The price should stabilize above $0.170 to move into positive territory and start a new surge.
Dogecoin price decline signal
After a major decline, Dogecoin price began a recovery in the $0.1280 region. The low was formed at $0.1283, and DOGE surpassed $0.1350 like Bitcoin and Ethereum.
There was movement above the $0.1385 and $0.140 resistance levels. The price broke above the 23.6% Fib retracement level moving down from the $0.2092 swing high to the $0.1283 low. However, bears protected further gains above the $0.170 resistance.
The price failed to test the 50% Fib retracement level moving down from the $0.2092 swing high to the $0.1283 low. There is also a major bearish trend line forming with resistance at $0.1620 on the 4-hours chart of the DOGE/USD pair.
Dogecoin is also below the $0.160 level and the 100 simple moving average (4-hours). On the other hand, the price is finding resistance near $0.160.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1680 level. The main hurdle is $0.170. A close above the $0.170 resistance line may cause the price to head towards the $0.1850 resistance line. If more profits are made, the price may drop to the $0.20 level.
Will there be more losses in DOGE?
If DOGE’s price fails to rise above the $0.160 level, another decline could begin. Initial support for the downside is near the $0.1475 level.
The next major support is near the $0.1400 level. A break below the $0.1400 support could lead the price to fall further. If specified, the price may fall to the $0.120 level.
technical indicators
4-Hour MACD – The MACD for DOGE/USD is now gaining momentum in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.1475, $0.1400 and $0.1200.
Key resistance levels – $0.1600, $0.1680 and $0.1700.
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