Dogecoin started another decline from the resistance zone at $0.1285 against the US dollar. DOGE is consolidating and could resume its decline below $0.1220.
- DOGE price is moving lower below the $0.1250 support zone.
- The price is trading below the USD 0.1250 level and the 100-hour simple moving average.
- A major ascending channel or bearish flag pattern is forming with support near $0.1220 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price needs to break above USD 0.1260 and USD 0.1285 to gain bullish momentum and start a new increase.
Dogecoin price drops again
After a decent recovery wave, Dogecoin price faced resistance near the $0.1285 zone. DOGE failed to rise further and started a new decline from the high of $0.1285, like Bitcoin and Ethereum.
There was a move below the $0.1250 support level and the 100-hourly moving average. The price fell below the 23.6% Fib retracement level of the upward move from the $0.1129 swing low to the $0.1285 high. However, the bulls are now active near the $0.1220 zone.
Dogecoin is now trading below the $0.1250 level and the 100-hourly moving average. There is also a major ascending channel or bearish flag pattern forming with support near $0.1220 on the hourly chart of the DOGE/USD pair.
If a new increase occurs, the price may encounter resistance near the $0.1260 level. The next major resistance is near the $0.1285 level. A close above the resistance at $0.1285 could send the price towards the resistance at $0.1350. Any further gains could send the price towards the USD 0.1420 level. The next big stop for the bulls could be $0.150.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.1285 level, it could continue to decline. The initial downside support is near the $0.1220 level.
The next major support is near the $0.1185 level. If there is a downside break below the $0.1185 support, the price could fall further. In the mentioned case, the price could drop to the $0.1120 level.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now gaining strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.1220, $0.1185 and $0.1120.
Major resistance levels – $0.1260, $0.1285 and $0.1320.