Dogecoin is struggling to rise above the $0.1650 resistance zone against the US dollar. DOGE could fall heavily if it breaks below the USD 0.140 support.
- DOGE is facing many hurdles near the USD 0.1650 and USD 0.170 levels against the US dollar.
- The price is trading below the USD 0.1620 level and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price needs to break above $0.170 to move into a positive zone and trigger a new increase.
Dogecoin Price Signals Downturn
After a major decline, Dogecoin price started a recovery wave from the $0.1280 zone. A low formed at $0.1283 and DOGE climbed above $0.1350, joining Bitcoin and Ethereum.
There was a move above the USD 0.1385 and USD 0.140 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. However, the bears protected more gains above the USD 0.170 resistance.
The price failed to test the 50% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. There is also a major bearish trendline forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair.
Dogecoin is also below the $0.160 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance around the $0.160 level.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1680 level. The main hurdle is at $0.170. A close above the USD 0.170 resistance could send the price towards the USD 0.1850 resistance. Any further gains could send the price towards the USD 0.20 level.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.160 level, it could trigger another decline. The initial downside support is near the $0.1475 level.
The next major support is near the $0.1400 level. If there is a downside break below the USD 0.1400 support, the price could fall further. In the mentioned case, the price could fall towards the USD 0.120 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining strength in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.1475, $0.1400 and $0.1200.
Major resistance levels – $0.1600, $0.1680 and $0.1700.
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