Dogecoin Price Declines Below $0.2050 Support Level

Dogecoin (DOGE) is experiencing a decline from the $0.2120 resistance level against the US Dollar, currently consolidating and potentially heading below the $0.1940 support.

DOGE price has declined below $0.2050.
Trading below $0.20 and the 100-hourly simple moving average.
A declining channel is forming with resistance at $0.20 on the hourly chart.
A potential upward move may occur if it surpasses $0.20 and $0.2050.

Current Market Analysis

Dogecoin has underperformed compared to Bitcoin and Ethereum, dropping below key support levels. The price fell under the 50% Fib retracement of the recent upward movement.

Current trading status includes:

Below $0.1980 and the 100-hourly simple moving average.
Immediate resistance near $0.20 and major resistance at $0.2050.
The next significant resistance is around $0.2120, with potential further movements to $0.2250 or $0.2350.

Potential Further Declines

If DOGE does not rise above $0.2050, a fresh decline could begin. Key supports include:

$0.1940 (initial support)
$0.1880 (next major support)
$0.1750 (main support level)

A break below $0.1750 might lead to further declines towards $0.1680 or $0.1620.

Technical Indicators:

Hourly MACD indicates bearish momentum.
RSI is below the 50 level.

Support levels are at $0.1940 and $0.1880; resistance levels are at $0.2000 and $0.2050.