Dogecoin started a fresh decline below the $0.250 zone against the US Dollar. DOGE is now consolidating and might dip further below $0.2250.
A high was formed at $0.2430 and the price started a fresh decline. There was a move below the $0.240 and $0.2350 levels. The price dipped below the 50% Fib retracement level of the upward move from the $0.2163 swing low to the $0.2430 high.
Besides, there was a break below a key rising channel with support at $0.2295 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.2320 level and the 100-hourly simple moving average.
The bulls are now protecting the 76.4% Fib retracement level of the upward move from the $0.2163 swing low to the $0.2430 high. If there is a recovery wave, immediate resistance on the upside is near the $0.2295 level. The first major resistance for the bulls could be near the $0.2320 level.
The next major resistance is near the $0.2420 level. A close above the $0.2420 resistance might send the price toward the $0.250 resistance. Any more gains might send the price toward the $0.2650 level. The next major stop for the bulls might be $0.2780.
If DOGE’s price fails to climb above the $0.2320 level, it could continue to move down. Initial support on the downside is near the $0.2220 level. The next major support is near the $0.2165 level.
The main support sits at $0.2150. If there is a downside break below the $0.2150 support, the price could decline further. In the stated case, the price might decline toward the $0.2050 level or even $0.2020 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.
Major Support Levels – $0.2165 and $0.2150.
Major Resistance Levels – $0.2320 and $0.2420.
