NewsBTC
Jan 24, 2025
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Dogecoin Price Declines Below Key Support Levels at $0.3550

Dogecoin (DOGE) is undergoing a downside correction after reaching the $0.400 zone against the US Dollar. Currently, DOGE is consolidating and may attempt an increase if it stays above $0.3350.

  • DOGE price has declined below $0.3880 and $0.3650.
  • Trading is currently below $0.3550 and the 100-hourly simple moving average.
  • A bearish trend line is forming with resistance at $0.3520 on the DOGE/USD hourly chart.
  • The price could rise if it clears the $0.3520 and $0.3550 resistance levels.

Price Dynamics

DOGE began its decline from the $0.400 resistance, dropping below key support levels of $0.3800 and $0.3650, with a low formed at $0.3416. It is now consolidating below the 23.6% Fib retracement level from the recent high to low.

Immediate upside resistance is at $0.3520 and the trend line. The first major resistance for upward movement is near $0.3550, followed by $0.3720 or the 50% Fib retracement level.

Dogecoin Price

A close above $0.3720 may lead to further gains toward $0.3860 and potentially $0.40, with a major target of $0.420.

Downside Risks

If DOGE does not exceed $0.3550, another decline may occur. Initial support is around $0.3420, with major support levels at $0.3400, $0.3380, and $0.3250. A break below $0.3250 could see prices fall to $0.3020 or $0.300.

Technical indicators show:

  • Hourly MACD indicates bearish momentum.
  • Hourly RSI is below the 50 level.
  • Major support levels: $0.3400 and $0.3380.
  • Major resistance levels: $0.3550 and $0.3720.