Dogecoin is struggling below the $0.180 resistance zone against the US dollar. DOGE will need to stay above the $0.1450 support area to start a new increase.
- DOGE began a fresh decline below the $0.1750 area against the US dollar.
- The price is trading above the $0.1700 level and the 100 simple moving average (4-hours).
- On the 4-hours chart of the DOGE/USD pair, there is a major contract formed with support at $0.1540 (data source from Kraken).
- Unless it closes below the $0.1450 support, the price may rise again.
Dogecoin price turns red
After struggling to clear the $0.20 resistance area, Dogecoin price began a fresh decline. There was a sharp decline below the $0.180 and $0.1650 levels. DOGE traded as low as $0.1283 and recently attempted a recovery like Bitcoin and Ethereum.
The price passed the $0.1450 level. It broke the 23.6% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low.
However, bears are active near the $0.1680 resistance and near the 50% Fib retracement level with a downward move from the $0.2096 swing high to the $0.1283 low. The price is now consolidating near the $0.1550 level. On the 4-hours chart of the DOGE/USD pair, there is a key contract formed with support at $0.1540.
Source: DOGEUSD on TradingView.com
Dogecoin is also below the $0.1600 level and the 100 simple moving average (4-hours). On the other hand, the price is finding resistance near $0.160. The next major resistance is near the $0.170 level. A close above the $0.170 resistance line may cause the price to head towards the $0.1880 resistance line. The next major resistance is near $0.200. If more profits are made, the price may drop to the $0.220 level.
Are there any more downsides to DOGE?
If the price of DOGE fails to rise above the $0.160 level, it may continue to fall. Initial support for the downside is near the $0.1520 level.
The next major support is near the $0.1450 level. If there is a downward break below the $0.1450 support, the price may 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 – $0.1520, $0.1450 and $0.1280.
Key resistance levels – $0.1600, $0.1780 and $0.200.
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