Dogecoin corrected gains and tested the $0.150 zone against the US dollar. DOGE is now forming a base and could start a new increase above $0.1520.
- DOGE price rose to $0.160 before correcting gains.
- The price is trading above the USD 0.150 level and the 100-hour simple moving average.
- A major bullish trendline is forming with support at $0.1485 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price needs to break above $0.1540 to move into a positive zone and trigger a new increase.
Dogecoin price holds support
After a steady rise, Dogecoin price faced resistance near the $0.160 zone. It peaked at $0.1594 before DOGE began a downward correction, as did Bitcoin and Ethereum. There was a decline below the $0.1540 support zone.
A low formed at $0.1488 and DOGE is now consolidating for the next move. Dogecoin is still trading above the USD 0.150 level and the 100-hour simple moving average. There is also a major bullish trendline forming with support at $0.1485 on the hourly chart of the DOGE/USD pair.
On the upside, the price is facing resistance around the $0.1515 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.1594 swing high to the $0.1488 low.
The next major resistance is near the $0.1540 level or the 50% Fib retracement level of the downward move from the $0.1594 swing high to the $0.1488 low. A close above the resistance at $0.1540 could send the price towards the resistance at $0.160. Any further gains could send the price towards the USD 0.1650 level. The next big stop for the bulls could be $0.1720.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.1540 level, it could trigger another decline. The initial downside support is near the $0.150 level and the trendline.
The next major support is near the $0.1445 level. If there is a downside break below the $0.1445 support, the price could fall further. In the mentioned case, the price could drop to the $0.1350 level.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major support levels – $0.1500, $0.1445 and $0.1350.
Major resistance levels – $0.1515, $0.1540 and $0.1600.