Dogecoin revised gains and tested the $0.150 area against the US dollar. DOGE is now forming a base and could start a new hike above $0.1520.
- DOGE price surged to $0.160 before a profit correction.
- The price is trading near the $0.150 level and above the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair, there is a major bullish trendline with support at $0.1485 (data source from Kraken).
- The price should stabilize above $0.1540 to move into positive territory and start a new surge.
Dogecoin price maintains support
After a steady rise, Dogecoin price faced resistance near $0.160. A high was formed at $0.1594 before DOGE began a downward correction like Bitcoin and Ethereum. It fell below the $0.1540 support zone.
A low was formed at $0.1488 and DOGE is now consolidating for the next move. Dogecoin is still trading above the $0.150 level and the 100-hour simple moving average. On the hourly chart of the DOGE/USD pair, there is also a major bullish trendline with support at $0.1485.
On the other hand, the price is finding resistance near $0.1515. It is near the 23.6% Fib retracement level, down from the $0.1594 swing high to the $0.1488 low.
The next major resistance is near the $0.1540 level or the 50% Fib retracement level for a downside move from the $0.1594 swing high to the $0.1488 low. A close above the $0.1540 resistance line could cause the price to head towards the $0.160 resistance line. If more profits are made, the price may fall towards the $0.1650 level. The next major stop for the bulls could be at $0.1720.
Will there be more losses in DOGE?
If DOGE’s price fails to rise above the $0.1540 level, another decline could begin. Initial support for the downside is near the $0.150 level and trendline.
The next major support is near the $0.1445 level. A break below the $0.1445 support line could cause the price to fall further. If indicated, the price may fall to the $0.1350 level.
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 above the 50 level.
Key support levels – $0.1500, $0.1445 and $0.1350.
Key resistance levels – $0.1515, $0.1540 and $0.1600.