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Dogecoin (DOGE) Weakens Again – Bulls On Alert As Downside Risks Resurface

Source Newsbtc

Dogecoin started a fresh decline below the $0.260 zone against the US Dollar. DOGE is now consolidating and might dip further if it stays below $0.2550.

DOGE price started a fresh decline below the $0.2550 level.
The price is trading below the $0.2550 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.2570 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if there is a move below $0.2420.

Dogecoin Price Trims Gains

Dogecoin price started a fresh decline after it closed below $0.2620, like Bitcoin and Ethereum. DOGE declined below the $0.260 and $0.2550 support levels.

The price even traded below $0.2450. A low was formed near $0.2430, and the price recently attempted a recovery wave. There was a move above the 50% Fib retracement level of the downward move from the $0.2701 swing high to the $0.2431 low.

However, the bears were active near the $0.260 resistance and the 61.8% Fib retracement level of the downward move from the $0.2701 swing high to the $0.2431 low. Besides, there is a bearish trend line forming with resistance at $0.2570 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.2550 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.2550 level. The first major resistance for the bulls could be near the $0.2570 level and the trend line.

The next major resistance is near the $0.260 level. A close above the $0.260 resistance might send the price toward the $0.2780 resistance. Any more gains might send the price toward the $0.2840 level. The next major stop for the bulls might be $0.2920.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.2550 level, it could continue to move down. Initial support on the downside is near the $0.2470 level. The next major support is near the $0.2420 level.

The main support sits at $0.2350. If there is a downside break below the $0.2350 support, the price could decline further. In the stated case, the price might slide toward the $0.2120 level or even $0.2050 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2420 and $0.2350.

Major Resistance Levels – $0.2550 and $0.2600.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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