Dogecoin is currently stabilizing above the support threshold of $0.1320 against the US Dollar. For DOGE to initiate another upward movement, it needs to surpass the resistance level at $0.1425.
- The price of DOGE has begun a downward correction from the resistance level at $0.1500.
- The price is trading below both the $0.1420 mark and the 100-hourly simple moving average.
- A significant bearish trend line is emerging with resistance at $0.1425 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- The price may gain bullish momentum if it manages to break through the $0.1425 and $0.1450 resistance levels.
Dogecoin Price Looks for Upside Break
Dogecoin’s price initiated a downward correction from the resistance zone of $0.1500. DOGE dropped below the levels of $0.1450 and $0.1420. A low of $0.1330 was recorded, and the price is currently recovering losses similar to Bitcoin and Ethereum.
The price also moved beyond the resistance levels of $0.1350 and $0.1380. Additionally, it surpassed the 50% Fib retracement level of the decline from a swing high of $0.1482 to the low of $0.1330. However, selling pressure remains near the $0.1425 resistance area.
A bearish trend line is forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair. This trend line coincides with the 61.8% Fib retracement level from the downward move between the swing high of $0.1482 and the low of $0.1330.
Currently, the price of Dogecoin is trading below the level of $0.1420 and the 100-hourly simple moving average. Immediate resistance on the upside can be found around the $0.1425 mark, with the next significant resistance near $0.1450.
A close above the resistance at $0.1450 may push the price towards the $0.1500 resistance. Further gains could see the price target $0.1550, with the next significant stop for bullish momentum potentially at $0.1585.
Could There Be Another Decline in DOGE?
If DOGE’s price does not succeed in climbing past the $0.1425 level, it may initiate another decline. The initial support on the downside is positioned around the $0.1365 level, with major support located near $0.1350.
The primary support level is at $0.1320. Should the price break below the support at $0.1320, it might face further declines, possibly heading towards levels of $0.1250 or even $0.1220 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently losing bullish momentum.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now close to the 50 level.
Major Support Levels – $0.1365 and $0.1320.
Major Resistance Levels – $0.1425 and $0.1450.
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