Dogecoin extended losses and traded below the $0.1350 resistance zone against the US dollar. DOGE is currently testing the important support at $0.1200.
- DOGE gained bearish momentum below the $0.140 and $0.1350 levels against the US dollar.
- The price is trading below the $0.1350 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 $0.1350 (data source from Kraken).
- The price should stabilize above $0.1420 to move into positive territory and begin 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 $0.1350 support zone.
A low was formed at $0.1201 and DOGE is currently consolidating losses. There was a small recovery wave above the $0.1250 level. The price tested the 23.6% Fib retracement level moving down from the $0.1640 swing high to the $0.1201 low.
However, the bears protected further gains above the $0.130 resistance. Dogecoin is also below the $0.1420 level and the 100 simple moving average (4-hours). On the other hand, the price is finding resistance near $0.130.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1350 level. On the 4-hours chart of the DOGE/USD pair, there is also a major bearish trend line forming at the resistance level of $0.1350. The main hurdle is $0.1420. A close above the $0.1420 resistance and the 50% Fib retracement level of the downside move from the $0.1640 swing high to the $0.1201 low could send the price towards the $0.1550 resistance. If more profits are made, the price may drop to the $0.1620 level.
Will there be more losses in DOGE?
If DOGE’s price fails to rise above the $0.1350 level, another decline could begin. Initial support for the downside is near the $0.1220 level.
The next major support is near the $0.120 level. If there is a downward break below the $0.120 support, the price may fall further. If indicated, the price may fall to the $0.1040 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 – $0.1240, $0.1200 and $0.1040.
Key resistance levels – $0.1300, $0.1350 and $0.1420.
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