Dogecoin Price Sees Recovery After Decline to $0.1420

Dogecoin (DOGE) is undergoing a downside correction from the $0.180 zone against the US Dollar, recently testing $0.1420 and currently recovering losses.

DOGE price began a decline from the $0.180 resistance level.
The price trades below $0.1650 and the 100-hourly simple moving average.
A key bearish trend line is forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
A fresh increase may occur if it surpasses the $0.1550 and $0.1580 resistance levels.

Dogecoin Price Eyes Fresh Increase

Dogecoin's price declined after failing to breach the $0.180 resistance, similar to trends observed in Bitcoin and Ethereum. It fell below the $0.1720 and $0.1650 support levels and dipped under $0.1550 before bulls intervened, forming a low at $0.1422. The price is now attempting recovery, having moved above the $0.150 resistance zone and the 23.6% Fibonacci retracement level from the $0.1790 high to the $0.1422 low.

DOGE is trading below the $0.1550 level and the 100-hourly simple moving average. Immediate resistance lies near $0.1550, with the next significant resistance at $0.1580, where a bearish trend line also exists.

A close above the $0.1580 resistance could push the price toward $0.1600, while further gains might lead to $0.1650 or the 61.8% Fibonacci retracement level of the downtrend from $0.1790 to $0.1422. A target for bulls could be $0.1720.

Another Decline In DOGE?

If DOGE fails to exceed the $0.1550 level, another decline may begin. Initial support is near $0.1480, followed by major support at $0.1420.

The primary support level is at $0.1400. A break below this support could result in a decline towards $0.1320 or even $0.1300 in the near term.

Technical Indicators:

Hourly MACD: Losing momentum in the bearish zone.
Hourly RSI: Above the 50 level.
Major Support Levels: $0.1480 and $0.1420.
Major Resistance Levels: $0.1550 and $0.1580.