Dogecoin is struggling below the $0.180 resistance zone against the US dollar. DOGE needs to hold above the $0.1450 support zone to start a new increase.
- DOGE started a new decline below the $0.1750 zone against the US dollar.
- The price is trading above the USD 0.1700 level and the 100 simple moving average (4 hours).
- A major contract is forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could rise again unless there is a close below the USD 0.1450 support.
Dogecoin price turns red
After struggling to break the USD 0.20 resistance zone, Dogecoin price started a new decline. There was a sharp bearish move below the USD 0.180 and USD 0.1650 levels. DOGE was trading from $0.1283 and recently attempted a recovery wave like Bitcoin and Ethereum.
The price climbed above the USD 0.1450 level. It broke the 23.6% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low.
However, the bears are active near the $0.1680 resistance and the 50% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low. The price is now consolidating around the USD 0.1550 level. An important contract is also forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair.
Source: DOGEUSD on TradingView.com
Dogecoin is also below the $0.1600 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance around the $0.160 level. The next major resistance is near the $0.170 level. A close above the USD 0.170 resistance could send the price towards the USD 0.1880 resistance. The next major resistance is near USD 0.200. Any further gains could send the price towards the USD 0.220 level.
More disadvantages in DOGE?
If DOGE price fails to rise above the USD 0.160 level, it could continue to decline. The initial downside support is near the $0.1520 level.
The next major support is near the $0.1450 level. If there is a downside break below the USD 0.1450 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 – $0.1520, $0.1450 and $0.1280.
Major resistance levels – $0.1600, $0.1780 and $0.200.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.