Dogecoin Declines Below $0.180, Faces Resistance at $0.1650

Dogecoin (DOGE) experienced a decline below $0.180 against the US Dollar and is currently correcting some losses.

  • DOGE price fell below $0.180 and is trading under $0.170 and the 100-hourly simple moving average.
  • A bearish trend line is forming with resistance at $0.1650 on the hourly DOGE/USD chart.
  • If DOGE remains below $0.1650 and $0.170, it could face further declines.

Market Analysis

After closing below $0.20, DOGE fell past key support levels of $0.180 and $0.1720, reaching a low of $0.1535 before attempting a recovery.

  • The price moved above the 23.6% Fib retracement level from $0.1776 high to $0.1535 low but faced resistance near $0.1620.
  • Bears are active near $0.1620, with resistance at $0.1650 aligned with the 50% Fib retracement level.
  • DOGE is under $0.1620 and the 100-hourly SMA, needing to surpass $0.1640 for potential recovery.

Dogecoin Price

  • Major resistances: $0.1650, $0.1700, with possible targets of $0.180 and $0.1840 if these are breached.
  • A close above $0.170 could push the price toward $0.20.

Potential for Further Decline

  • If DOGE fails to break $0.1650, it may continue downward.
  • Key supports: $0.1550, $0.1500, and $0.1380, with risks of dropping to $0.120 or $0.1050 if breached.

Technical Indicators

  • Hourly MACD: Gaining bullish momentum.
  • Hourly RSI: Above 50, indicating slight bullish sentiment.
  • Support Levels: $0.1550, $0.1380.
  • Resistance Levels: $0.1650, $0.1700.