Dogecoin Struggles Below $0.1580 Resistance After Recent Decline
Dogecoin (DOGE) is experiencing a decline after failing to break the $0.1720 level against the US Dollar.
- DOGE has dropped below $0.170 and $0.160.
- Currently trading below $0.160 and the 100-hourly simple moving average.
- A bearish trend line was broken at $0.1510 on the hourly chart of DOGE/USD.
- If the price remains under $0.1580, a further decline is likely.
Current Situation
Dogecoin's price fell below $0.1600 and formed a low at $0.1427. A minor recovery has occurred above the 23.6% Fib retracement level from the recent high to the low.
Immediate resistance is near $0.1550, with significant resistance at $0.1580, close to the 50% Fib retracement level.
Major resistance levels include $0.1610, which could lead to a rise toward $0.1720 and potentially $0.200.
Potential Downtrend
If DOGE fails to rise above $0.1580, it may start another decline. Initial support levels are at $0.1480 and $0.1440, with major support at $0.1420.
A drop below $0.1420 could lead to prices falling to $0.1350 or $0.1280.
Technical Indicators
- Hourly MACD indicates decreasing bearish momentum.
- Hourly RSI is above 50.
- Major Support Levels – $0.1440 and $0.1420.
- Major Resistance Levels – $0.1580 and $0.1610.
