Dogecoin revisited the $0.30 support zone against the US dollar. DOGE is currently consolidating and could gain traction once it clears the $0.3165 resistance.
- DOGE price began another decline, trading near the $0.300 level.
- The price is trading below the $0.320 level and the 100-hour simple moving average.
- The hourly chart of the DOGE/USD pair has a bearish trend line connected to it, forming at resistance $0.3165 (data source from Kraken).
- A break above the $0.3165 and $0.320 resistance levels could give the price momentum.
Dogecoin price revisit support
Dogecoin price began a new decline well above $0.3350, similar to Bitcoin and Ethereum. DOGE was trading below the $0.3250 and $0.320 support levels. It also surged below $0.3120.
A low was formed at $0.3081 and the price is currently consolidating losses. It recovered some points and rose above $0.3150. It tested the 23.6% Fib retracement level moving down from the $0.3427 swing high to the $0.3081 low.
Dogecoin price is currently trading below the $0.320 level and below the 100-hour simple moving average. Immediate upside resistance is near the $0.3165 level. On the hourly chart of the DOGE/USD pair, there is also a bearish trend line connecting with resistance at $0.3165.
The first major resistance for the bulls could be near the $0.3250 level or the 50% Fib retracement level of the downside move from the $0.3427 swing high to the $0.3081 low.
The next major resistance is near the $0.3295 level. A close above the $0.3295 resistance line may cause the price to head towards the $0.350 resistance line. Any more profits could push the price down to the $0.3680 level. The next major stop for the bulls could be at $0.40.
Another decline in DOGE?
If DOGE’s price fails to rise above the $0.3165 level, another decline could begin. Initial support for the downside is near the $0.3120 level. The next major support is near the $0.3080 level.
The main support level is $0.30. If there is a downward break below the $0.300 support, the price may fall further. If indicated, the price may fall to the $0.2850 or even $0.2620 level in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.3080 and $0.3000.
Key resistance levels – $0.3165 and $0.3250.