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Dogecoin (DOGE) Dips Again – Healthy Correction or Sign of Weakening Momentum?

Source Newsbtc

Dogecoin started a fresh decline from the $0.250 zone against the US Dollar. DOGE is now consolidating and might decline below the $0.2220 support.

DOGE price started a fresh decline below the $0.2350 level.
The price is trading below the $0.2320 level and the 100-hourly simple moving average.
There is a bearish trend line forming with resistance at $0.2280 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh upward move if it clears the $0.2280 and $0.2350 resistance levels.

Dogecoin Price Eyes Recovery Wave

Dogecoin price started a fresh decline from the $0.250 resistance zone, underperforming Bitcoin and Ethereum. DOGE declined below the $0.2350 and $0.2320 support levels.

The decline gained pace below the $0.2300 level. A low was formed at $0.2225 and the price is now consolidating losses. There is also a bearish trend line forming with resistance at $0.2280 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.2320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.2280 level and the 23.6% Fib retracement level of the downward move from the $0.2486 swing high to the $0.2225 low.

The first major resistance for the bulls could be near the $0.2350 level or the 50% Fib retracement level of the downward move from the $0.2486 swing high to the $0.2225 low. The next major resistance is near the $0.2420 level. A close above the $0.2420 resistance might send the price toward the $0.250 resistance. Any more gains might send the price toward the $0.2550 level. The next major stop for the bulls might be $0.2650.

Downside Correction In DOGE?

If DOGE’s price fails to climb above the $0.2280 level, it could start a downside correction. Initial support on the downside is near the $0.2220 level. The next major support is near the $0.2120 level.

The main support sits at $0.2050. If there is a downside break below the $0.2050 support, the price could decline further. In the stated case, the price might decline toward the $0.1980 level or even $0.1920 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 – $0.2220 and $0.2120.

Major Resistance Levels – $0.2280 and $0.2350.

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

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