Dogecoin started a fresh decline below the $0.2320 zone against the US Dollar. DOGE is now consolidating and might dip further below $0.210.
The price even traded below $0.2120. A low was formed at $0.2078 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the recent decline from the $0.2430 swing high to the $0.2078 low.
Dogecoin price is now trading below the $0.2250 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.220 level. There is also a bearish trend line forming with resistance at $0.220 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.2250 level. It is close to the 50% Fib retracement level of the recent decline from the $0.2430 swing high to the $0.2078 low.
The next major resistance is near the $0.2320 level. A close above the $0.2320 resistance might send the price toward the $0.2450 resistance. Any more gains might send the price toward the $0.250 level. The next major stop for the bulls might be $0.2550.
If DOGE’s price fails to climb above the $0.2250 level, it could continue to move down. Initial support on the downside is near the $0.2120 level. The next major support is near the $0.2080 level.
The main support sits at $0.2050. If there is a downside break below the $0.2050 support, the price could decline further. In the stated case, the price might decline toward the $0.20 level or even $0.1920 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 – $0.2120 and $0.2050.
Major Resistance Levels – $0.2250 and $0.2320.
