Dogecoin started an inverse correction from the $0.180 area against the US Dollar. DOGE tested $0.1420 and is currently taking losses.
- DOGE price started a new decline from the $0.180 resistance level.
- The price is trading below the $0.1650 level and the 100-hour simple moving average.
- There is an important bearish trend line forming resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price may start a new uptrend if it clears the resistance levels of $0.1550 and $0.1580.
Dogecoin Price Eyes New Highs
Dogecoin price started a new low after it failed to clear the $0,180 resistance like Bitcoin and Ethereum. DOGE declined below the $0.1720 and $0.1650 support levels.
The price even dropped below $0.1550 before the bulls emerged. A low was formed at $0.1422 and the price is now attempting a recovery wave. There was a move above the $0.150 resistance area. The price rose above the 23.6% Fib retracement level to the downside from the high of $0.1790 to the low of $0.1422.
Dogecoin price is now trading below the $0.1550 level and the 100-hour simple moving average. The immediate resistance on the upside is near the $0.1550 level. The next major resistance is near the $0.1580 level. There is also a key bearish line forming resistance at $0.1580 on the DOGE/USD hourly chart.
A close above the $0.1580 resistance could send the price to the $0.1600 resistance. Any further gains could send the price towards the $0.1650 level or the 61.8% Fib retracement level to the downside from the $0.1790 high to the $0.1422 low. The next big stop for the bulls would be $0.1720.
Another Refusal to DOGE?
If the price of DOGE fails to rise above the $0.1550 level, it may start another decline. The first support on the downside is near the $0.1480 level. The next major support is near the $0.1420 level.
Key support remains at $0.1400. If there is a break below the support of $0.1400, the price may fall further. In the mentioned scenario, the price may drop to the level of $0.1320 or $0.1300 in the near term.
Technical References
Hourly MACD – The DOGE/USD MACD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1480 and $0.1420.
Major Resistance Levels – $0.1550 and $0.1580.
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