Dogecoin (DOGE) Under Pressure—Continues Sliding Into Bear Territory
Dogecoin started a fresh decline below the $0.1850 zone against the US Dollar. DOGE tested $0.1450 and is now consolidating below the $0.1650 resistance.
- DOGE price started a fresh decline below the $0.2000 and $0.1850 levels.
- The price is trading below the $0.1750 level and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.1680 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a recovery if it clears the $0.1620 and $0.1680 resistance levels.
Dogecoin Price Dives Further
Dogecoin price started a fresh decline below the $0.2000 zone, like Bitcoin and Ethereum. DOGE dipped below the $0.1850 and $0.1680 support levels. It even spiked below $0.1620.
A low was formed at $0.1440 and the price is now consolidating losses. There was a move above the $0.1500 level. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $0.1809 swing high to the $0.1440 low.
Dogecoin price is now trading below the $0.1850 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1620 level or the 50% Fib retracement level of the downward move from the $0.1809 swing high to the $0.1440 low.
The first major resistance for the bulls could be near the $0.1680 level. There is also a connecting bearish trend line forming with resistance at $0.1680 on the hourly chart of the DOGE/USD pair.
The next major resistance is near the $0.1720 level. A close above the $0.1720 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.2000 level. The next major stop for the bulls might be $0.2050.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1680 level, it could start another decline. Initial support on the downside is near the $0.150 level. The next major support is near the $0.1450 level.
The main support sits at $0.1420. If there is a downside break below the $0.1420 support, the price could decline further. In the stated case, the price might decline toward the $0.1350 level or even $0.1250 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1500 and $0.1450.
Major Resistance Levels – $0.1680 and $0.1880.
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