Dogecoin (DOGE) at Risk — Can Support Hold This Time?
Dogecoin started a fresh decline from the $0.2540 zone against the US Dollar. DOGE is now consolidating losses and might extend losses below $0.2200.
- DOGE price started a fresh decline below the $0.2420 and $0.2400 levels.
- The price is trading below the $0.240 level and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $0.2230 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a fresh increase if it clears the $0.230 resistance zone.
Dogecoin Price Holds Support
Dogecoin price started a fresh decline after it failed to clear the $0.2550 zone, unlike Bitcoin and Ethereum. DOGE declined below the $0.2420 and $0.2400 levels.
The bears even pushed the price below the $0.2200 level. A low was formed at $0.2157 and the price is now consolidating losses. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $0.2542 swing high to the $0.2157 low.
Dogecoin price is now trading below the $0.2350 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $0.2230 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.230 level. The first major resistance for the bulls could be near the $0.2350 level. It is close to the 50% Fib retracement level of the downward move from the $0.2542 swing high to the $0.2157 low.
The next major resistance is near the $0.2420 level. A close above the $0.2420 resistance might send the price toward the $0.2550 resistance. Any more gains might send the price toward the $0.2640 level. The next major stop for the bulls might be $0.280.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.2350 level, it could start another decline. Initial support on the downside is near the $0.220 level and the trend line. The next major support is near the $0.2150 level.
The main support sits at $0.2120. If there is a downside break below the $0.2120 support, the price could decline further. In the stated case, the price might decline toward the $0.20 level or even $0.1840 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.2200 and $0.2120.
Major Resistance Levels – $0.2420 and $0.2550.
