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Dogecoin (DOGE) Falls Again as Trader Sentiment Turns Increasingly Bearish

Source Newsbtc

Dogecoin started a fresh decline below the $0.1550 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1560.

DOGE price started a fresh decline below the $0.150 level.
The price is trading below the $0.150 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.1550 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it stays below $0.1550 and $0.1620.

Dogecoin Price Dips Further

Dogecoin price started a fresh decline after it closed below $0.1620, like Bitcoin and Ethereum. DOGE declined below the $0.160 and $0.1550 support levels.

The price even traded below $0.150. A low was formed near $0.1448, and the price is now showing bearish signs below the 23.6% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1448 low. There is also a bearish trend line forming with resistance at $0.1550 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.1550 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1520 level. The first major resistance for the bulls could be near the $0.1550 level, the trend line, and the 76.4% Fib retracement level of the downward move from the $0.1593 swing high to the $0.1448 low.

The next major resistance is near the $0.1620 level. A close above the $0.1620 resistance might send the price toward the $0.170 resistance. Any more gains might send the price toward the $0.1740 level. The next major stop for the bulls might be $0.1880.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1550 level, it could continue to move down. Initial support on the downside is near the $0.1450 level. The next major support is near the $0.1320 level.

The main support sits at $0.1250. If there is a downside break below the $0.1250 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1120 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 – $0.1450 and $0.1380.

Major Resistance Levels – $0.1550 and $0.1620.

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

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