Dogecoin started a fresh decline below the $0.250 zone against the US Dollar. DOGE is now consolidating and might dip further if it stays below $0.2550.
The price even traded below $0.2350. A low was formed near $0.230, and the price recently attempted a recovery wave. There was a move above the 23.6% Fib retracement level of the main decline from the $0.2888 swing high to the $0.2302 low.
However, the bears were active near the $0.250 resistance. Besides, there is a bearish trend line forming with resistance at $0.2450 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading below the $0.250 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.2450 level and the trend line. The first major resistance for the bulls could be near the $0.250 level.
The next major resistance is near the $0.260 level. It is close to the 50% Fib retracement level of the main decline from the $0.2888 swing high to the $0.2302 low. A close above the $0.260 resistance might send the price toward the $0.2780 resistance. Any more gains might send the price toward the $0.2840 level. The next major stop for the bulls might be $0.2920.
If DOGE’s price fails to climb above the $0.2450 level, it could continue to move down. Initial support on the downside is near the $0.2320 level. The next major support is near the $0.230 level.
The main support sits at $0.2250. If there is a downside break below the $0.2250 support, the price could decline further. In the stated case, the price might slide toward the $0.2120 level or even $0.2050 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 – $0.2320 and $0.2300.
Major Resistance Levels – $0.2450 and $0.2500.
