Dogecoin has initiated a new downward movement, dipping below the $0.220 mark against the US Dollar. DOGE is currently in a consolidation phase and may fall further beneath $0.2050.
- DOGE price has begun a new decline below the $0.220 threshold.
- The price is trading under the $0.2150 level and also below the 100-hourly simple moving average.
- A bearish trend line is forming with resistance at $0.2160 on the hourly chart for the DOGE/USD pair (data sourced from Kraken).
- The price could embark on a new upward trend if it manages to hold above the $0.20 zone.
Dogecoin Price Declines Again
The price of Dogecoin has started a new decline after closing below $0.2320, similar to Bitcoin and Ethereum. DOGE has dropped beneath both the $0.220 and $0.2150 support levels.
The price even fell below $0.210, establishing a low at $0.2059, and is now consolidating losses. A minor recovery has occurred, but the price remains below the 23.6% Fib retracement level of the recent drop from the $0.2672 swing high to the $0.2059 low.
Currently, Dogecoin is trading below $0.2150 and the 100-hourly simple moving average. In the event of a recovery, immediate resistance to watch for on the upside is close to the $0.2160 level. Additionally, a bearish trend line is forming with resistance at $0.2160 on the hourly DOGE/USD chart.
The first significant hurdle for the bulls may be around the $0.2280 level. Further resistance is expected near the $0.2365 level, which is close to the 50% Fib retracement level of the recent drop from the $0.2672 swing high to the $0.2059 low.
A close above the $0.2365 resistance could push the price toward the $0.2450 level. Further gains might drive the price toward the $0.250 mark, with the next significant target for the bulls possibly at $0.2550.
Is Another Decline Ahead for DOGE?
If DOGE’s price fails to exceed the $0.2160 resistance level, it could continue its downward trajectory. Initial support on the downside is located near the $0.2060 level, followed by major support near $0.2020.
The primary support is at $0.20. Should the price break below this level, further declines could follow, possibly targeting $0.1880 or even $0.1820 in the near future.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently picking up momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 mark.
Major Support Levels – $0.2000 and $0.1880.
Major Resistance Levels – $0.2160 and $0.2280.
