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Dogecoin (DOGE) Weak Rebound Attempts, Signaling Struggle to Mount Recovery

Source Newsbtc

Dogecoin started a fresh decline below the $0.180 zone against the US Dollar. DOGE is now correcting some losses and might face hurdles near $0.1650.

DOGE price started a fresh decline below the $0.180 level.
The price is trading below the $0.170 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.1650 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.1650 and $0.170.

Dogecoin Price Attempts Recovery

Dogecoin price started a fresh decline after it closed below $0.20, like Bitcoin and Ethereum. DOGE declined below the $0.180 and $0.1720 support levels.

The price even traded below $0.1650. A low was formed near $0.1535, and the price recently attempted a recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the $0.1776 swing high to the $0.1535 low.

However, the bears were active near the $0.1620 resistance. Besides, there is a bearish trend line forming with resistance at $0.1650 on the hourly chart of the DOGE/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.1776 swing high to the $0.1535 low.

Dogecoin price is now trading below the $0.1620 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1640 level. The first major resistance for the bulls could be near the $0.1650 level.

The next major resistance is near the $0.170 level. A close above the $0.170 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.1840 level. The next major stop for the bulls might be $0.20.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1650 level, it could continue to move down. Initial support on the downside is near the $0.1550 level. The next major support is near the $0.150 level.

The main support sits at $0.1380. If there is a downside break below the $0.1380 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1050 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 – $0.1550 and $0.1380.

Major Resistance Levels – $0.1650 and $0.1700.

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

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