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Dogecoin started a fresh decline below the $0.150 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1420.
Dogecoin price started a fresh decline after it closed below $0.1520, like Bitcoin and Ethereum. DOGE declined below the $0.150 and $0.1450 support levels.
More importantly, there was a break below a key bullish trend line with support at $0.1520 on the hourly chart of the DOGE/USD pair. The price even traded below $0.1380. A low was formed near $0.1369, and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1566 swing high to the $0.1369 low.
Dogecoin price is now trading below the $0.1450 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1420 level. The first major resistance for the bulls could be near the $0.1465 level and the 50% Fib retracement level of the downward move from the $0.1566 swing high to the $0.1369 low.
The next major resistance is near the $0.1490 level. A close above the $0.1490 resistance might send the price toward the $0.1520 resistance. Any more gains might send the price toward the $0.1550 level. The next major stop for the bulls might be $0.1620.
If DOGEs price fails to climb above the $0.1465 level, it could continue to move down. Initial support on the downside is near the $0.1370 level. The next major support is near the $0.1350 level.
The main support sits at $0.1330. If there is a downside break below the $0.1330 support, the price could decline further. In the stated case, the price might slide toward the $0.1250 level or even $0.1240 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 $0.1350 and $0.1250.
Major Resistance Levels $0.1420 and $0.1465.