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Dogecoin (DOGE) Maintains Support Amid Market Weakness, Bulls Seek Confirmation Bounce

Source Newsbtc

Dogecoin corrected some gains and traded below $0.1780 against the US Dollar. DOGE is now holding the $0.1680 support and might aim for a fresh increase.

DOGE price started a fresh downside correction below $0.1780.
The price is trading below the $0.1760 level and the 100-hourly simple moving average.
There is a 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 aim for a fresh increase if it remains stable above $0.1680.

Dogecoin Price Eyes Another Increase

Dogecoin price started a downside correction after it failed to clear $0.1880, like Bitcoin and Ethereum. DOGE declined below $0.1820 and $0.180 levels.

There was a move below the 50% Fib retracement level of the upward move from the $0.1568 swing low to the $0.1858 high. However, the bulls remained active near the $0.1680 support. The price is again rising above $0.1720.

Dogecoin price is now trading below the $0.1780 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1760 level. There is also a bearish trend line forming with resistance at $0.1760 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.1820 level. The next major resistance is near the $0.1880 level. A close above the $0.1880 resistance might send the price toward $0.1920. Any more gains might send the price toward $0.20. The next major stop for the bulls might be $0.2120.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1820 level, it could continue to move down. Initial support on the downside is near the $0.170 level. The next major support is near the $0.1680 level and the 61.8% Fib retracement level of the upward move from the $0.1568 swing low to the $0.1858 high.

The main support sits at $0.1640. If there is a downside break below the $0.1640 support, the price could decline further. In the stated case, the price might slide toward the $0.1550 level or even $0.1520 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish 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 $0.1820.

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

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