Dogecoin Declines Below $0.1550, Faces Resistance at $0.1620

Dogecoin (DOGE) is experiencing a new decline against the US Dollar, trading below $0.150 and facing resistance.

DOGE price declined below $0.150 and the 100-hourly simple moving average.
A bearish trend line with resistance at $0.1550 is forming on the DOGE/USD hourly chart.
If DOGE remains below $0.1550 and $0.1620, further losses are possible.

Price Analysis

After closing below $0.1620, similar to Bitcoin and Ethereum, DOGE fell past $0.160 and $0.1550. It reached a low of $0.1448 and remains below the 23.6% Fib retracement level from $0.1593 to $0.1448.

Dogecoin Price

The next major resistance levels are at $0.1550 and $0.1620. A close above $0.1620 may push the price to $0.170 or $0.1740, with potential further gains up to $0.1880.

Potential for More Losses

If DOGE fails to surpass $0.1550, it might continue declining.
Initial support is at $0.1450, followed by $0.1320.
Main support lies at $0.1250; breaking below could lead to further drops to $0.120 or $0.1120.

Technical Indicators:

Hourly MACD: Gaining momentum in the bearish zone.
Hourly RSI: Below the 50 level, indicating bearish conditions.
Major Support Levels: $0.1450, $0.1380.
Major Resistance Levels: $0.1550, $0.1620.