Dogecoin is consolidating gains in the $0.230 area against the US dollar. DOGE will need to stay above the $0.1750 support area to start a new increase.
- DOGE struggled to stay above $0.225 and revised gains against the US dollar.
- The price is trading above the $0.1750 level and the 100 simple moving average (4-hours).
- A break occurred below the main bullish trendline with support at $0.2040 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- Unless it closes below the $0.1750 support, the price may rise again.
Dogecoin price approaches key support
After a steady increase, Dogecoin price attempted to take further gains above the $0.230 area. However, DOGE struggled above $0.2250. A high was reached at $0.2294 and the price began to adjust downward like Bitcoin and Ethereum.
It fell below the $0.2050 and $0.200 support levels. The price fell below the 23.6% Fib retracement level, rising from the $0.1228 swing low to the $0.2294 high.
Moreover, a break occurred below the main bullish trendline with support at $0.2040 on the 4-hours chart of the DOGE/USD pair. However, Dogecoin is still above the $0.1750 level and the 100 simple moving average (4-hours).
Source: DOGEUSD on TradingView.com
On the other hand, the price is finding resistance near $0.1950. The next major resistance is near the $0.200 level. A close above the $0.200 resistance line may cause the price to head towards the $0.2150 resistance line. The next major resistance is near $0.2300. If more profits are made, the price may rise to the $0.2500 level.
Are there any more downsides to DOGE?
If the price of DOGE fails to rise above the $0.200 level, it may continue to fall. Initial support for the downside is near the $0.1820 level.
The next major support is near the $0.1750 level or the 50% Fib retracement level of the rise from the $0.1228 swing low to the $0.2294 high. A break below the $0.1750 support could lead the price to fall further. If indicated, the price may fall to the $0.1480 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 – $0.1820, $0.1750 and $0.1480.
Key resistance levels – $0.2000, $0.2150, $0.2300.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.