DogeCoin started a negative correction from the $0.400 area against the US dollar. The Doge is now consolidating and may attempt a new increase if it stays above $0.3350.
- Doge Price started a new decline below $0.3880 and $0.3650.
- The price is trading below the $0.3550 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the Doge/USD pair (data source from Kraken).
- The price could start another increase if it clears the $0.3520 and $0.3550 resistance levels.
DogeCoin price drop to support
DogeCoin Price started a new decline from the $0.400 resistance area, unlike Bitcoin and Ethereum. Doge fell below $0.3800 and $0.3650 support levels. It even rose below $0.350.
A low was formed at $0.3416, and the price is now consolidating losses below the 23.6% RERECTION level of the downward move from the tower of $0.4014 to $0.3416 high. There is also a major bearish trend line forming with resistance at $0.3520 on the hourly chart of the Doge/USD pair.
DogeCoin price is now trading below the $0.3550 level and the 100 hourly simple moving average. Immediate resistance on the upside is near the $0.3520 level and the trend line.
The first major resistance for bulls could be near the $0.3550 level. The next major resistance near the $0.3720 level or the 50% FIB retracement level is approaching the move down from the $0.4014 swing to the $0.3416 low.
A close above the $0.3720 resistance could send the price towards the $0.3860 resistance. Any further gains could send the price towards the $0.40 level. The next major stop for bulls could be $0.420.
Another decline in doge?
If Doge price fails to rise above the $0.3550 level, it may start another decline. Initial support on the downside is near the $0.3420 level. The next major support is near the $0.3380 level.
Major support sits at $0.3250. If there is a break on the downside below the $0.3250 support, the price could fall further. In the specific case, the price may fall towards the $0.3020 level or even $0.300 in the near term.
Technical indicators
Hourly MACD – The MACD for Doge/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for Doge/USD is now below the 50 level.
Key support levels – $0.3400 and $0.3380.
Key resistance levels – $0.3550 and $0.3720.
