Dogecoin is struggling below the $0.180 resistance zone against the US Dollar. DOGE must stay above the $0.1450 support zone to start a fresh increase.
- DOGE started a fresh decline below the $0.1750 zone against the US dollar.
- The price is trading above the $0.1700 level and the 100 simple moving average (4 hours).
- There is a key contracting forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price could restart its increase unless there is a close below the $0.1450 support.
Dogecoin Price Turns Red
After struggling to clear the $0.20 resistance zone, Dogecoin price started a fresh decline. There was a sharp bearish move below the $0.180 and $0.1650 levels. DOGE traded as low as $0.1283 and recently attempted a recovery wave like Bitcoin and Ethereum.
The price climbed above the $0.1450 level. It broke the 23.6% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low.
However, the bears are active near the $0.1680 resistance and the 50% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low. The price is now consolidating near the $0.1550 level. There is also a key contracting forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
Dogecoin is also below the $0.1600 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level. The next major resistance is near the $0.170 level. A close above the $0.170 resistance might send the price toward the $0.1880 resistance. The next major resistance is near $0.200. Any more gains might send the price toward the $0.220 level.
More Downsides in DOGE?
If DOGE’s price fails to gain pace above the $0.160 level, it could continue to move down. Initial support on the downside is near the $0.1520 level.
The next major support is near the $0.1450 level. If there is a downside break below the $0.1450 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1520, $0.1450 and $0.1280.
Major Resistance Levels – $0.1600, $0.1780, and $0.200.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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