Dogecoin Price Declines Below Key Support Levels
Dogecoin (DOGE) is experiencing a significant decline below the $0.3550 support against the US Dollar, with ongoing consolidation that may hinder recovery above the $0.350 resistance.
- DOGE price declined below the $0.3650 level.
- The price trades below $0.3550 and the 100-hourly simple moving average.
- A bearish trend line forms with resistance at $0.3550 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- Recovery above the $0.3550 and $0.3650 resistance levels appears challenging.
Dogecoin Price Dips Sharply
Dogecoin's price began a new decline from over $0.400, similar to Bitcoin and Ethereum. It dropped below the $0.380 and $0.3650 support levels and fell under $0.320.
A low was established at $0.30, followed by some recovery above $0.320, testing the 23.6% Fibonacci retracement level of the descent from $0.4096 to $0.300.
The price remains below $0.3550 and the 100-hourly simple moving average, alongside a connecting bearish trend line with resistance at $0.3550.
Immediate upside resistance is near the $0.3250 level, with the first major resistance for bulls around $0.340. The next significant resistance is near $0.3550, aligning with the 50% Fibonacci retracement level from the previous high to low.
A close above $0.3550 could push the price toward $0.3650, with potential gains leading to $0.380. The next target for bulls might be $0.40.
More Losses In DOGE?
If DOGE fails to surpass the $0.3550 level, another decline may initiate. Initial downside support is near $0.3050, with major support at $0.30. A break below $0.30 could lead to further declines toward $0.280 or even $0.2620.
Technical Indicators:
Hourly MACD – Gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – Below the 50 level.
Major Support Levels – $0.3050 and $0.3000.
Major Resistance Levels – $0.3400 and $0.3550.