Dogecoin (DOGE) Slips Once More—Bears Tighten Grip on Meme Coin Darling
Dogecoin started a fresh decline from the $0.1880 zone against the US Dollar. DOGE is now consolidating losses and might recover if it clears $0.1780.
DOGE price started a fresh decline below the $0.1880 and $0.180 levels.
The price is trading below the $0.180 level and the 100-hourly simple moving average.
There is a short-term bearish trend line forming with resistance at $0.1760 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh decline if it declines below the $0.180 zone.
Dogecoin Price Dips Again
Dogecoin price started a fresh decline after it failed to clear the $0.1880 zone, like Bitcoin and Ethereum. DOGE declined below the $0.1800 and $0.1750 levels.
The bears even pushed the price below the $0.1720 level. A low was formed at $0.1695 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.2064 swing high to the $0.1697 low.
Dogecoin price is now trading below the $0.180 level and the 100-hourly simple moving average. There is also a short-term bearish trend line forming with resistance at $0.1760 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.1760 level. The first major resistance for the bulls could be near the $0.1785 level. The next major resistance is near the $0.180 level. A close above the $0.180 resistance might send the price toward the $0.1880 resistance. It is close to the 50% Fib retracement level of the downward move from the $0.2064 swing high to the $0.1697 low.
Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.180 level, it could start another decline. Initial support on the downside is near the $0.1720 level. The next major support is near the $0.1700 level.
The main support sits at $0.1680. If there is a downside break below the $0.1680 support, the price could decline further. In the stated case, the price might decline toward the $0.1550 level or even $0.1525 in the near term.
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 – $0.1700 and $0.1680.
Major Resistance Levels – $0.1760 and $0.1800.
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