Dogecoin began a downward correction below the $0.400 support level against the US dollar. DOGE is currently consolidating and could target a fresh increase above $0.4050.
- DOGE price began a new decline below the $0.40 level.
- The price is trading below the $0.4050 level and the 100-hour simple moving average.
- The hourly chart of the DOGE/USD pair (data source from Kraken) has a bullish trendline attached with support at $0.3950.
- Clearing the $0.4050 and $0.4150 resistance levels could initiate another rally in the price.
Dogecoin price eyes fresh hike
Dogecoin price began a new decline, well above $0.410, unlike Bitcoin and Ethereum. DOGE was trading below the $0.4020 and $0.400 support levels. It also surged below $0.3980.
A low was formed at $0.3963 and the price is currently consolidating losses. It recovered some points and rose above $0.40. It crossed the 23.6% Fib retracement level for a downward move from the $0.4136 swing high to the $0.3963 low.
Dogecoin price is currently trading below the $0.4050 level and the 100-hour simple moving average. On the hourly chart of the DOGE/USD pair, there is also a connecting bullish trendline with support at $0.3950.
Immediate resistance on the upside is near the $0.4025 level. The first major resistance for bulls could be near the $0.4050 level. The next major resistance is the 76.4% Fib retracement level near the $0.4095 level or a downside move from the $0.4136 swing high to the $0.3963 low.
A close above the $0.4095 resistance line may cause the price to head towards the $0.4150 resistance line. If more profits are made, the price may fall towards the $0.4350 level. The next major stop for the bulls could be $0.4500.
Will there be more losses in DOGE?
If DOGE’s price fails to rise above the $0.4050 level, another decline could begin. Initial support for the downside is near the $0.3980 level. The next major support is near the $0.3950 level.
The main support level is $0.3750. A break below the $0.3750 support could lead the price to fall further. If indicated, the price may fall to the $0.350 or even $0.3420 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 – $0.3980 and $0.3750.
Key resistance levels – $0.4050 and $0.4095.