Dogecoin (DOGE) Struggles to Sustain Gain as Meme Coin Mania Cools Off

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Dogecoin started a fresh increase and climbed above the $0.2320 zone against the US Dollar. DOGE is now correcting gains and approaching $0.2180.

  • DOGE price started a fresh increase above the $0.220 and $0.230 levels.

  • The price is trading just below the $0.2250 level and the 100-hourly simple moving average.

  • There is a connecting bullish trend line forming with support at $0.220 on the hourly chart of the DOGE/USD pair (data source from Kraken).

  • The price could start a fresh increase if it clears the $0.230 resistance zone.

Dogecoin Price Faces Rejection

Dogecoin price started a fresh increase after it found support near $0.2110, like Bitcoin and Ethereum. DOGE climbed and recovered above the $0.220 resistance zone.

The bulls even pushed the price above the $0.2320 resistance zone. However, the bears were active near the $0.2380 level. A high was formed at $0.2378 and the price reacted lower. There was a move below the 50% Fib retracement level of the upward move from the $0.2109 swing low to the $0.2370 high.

Dogecoin price is now trading just below the $0.2250 level and the 100-hourly simple moving average. However, there is a connecting bullish trend line forming with support at $0.220 on the hourly chart of the DOGE/USD pair.

Dogecoin Price

Immediate resistance on the upside is near the $0.2250 level. The first major resistance for the bulls could be near the $0.2320 level. The next major resistance is near the $0.2380 level. A close above the $0.2380 resistance might send the price toward the $0.250 resistance. Any more gains might send the price toward the $0.2720 level. The next major stop for the bulls might be $0.2850.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.2320 level, it could start another decline. Initial support on the downside is near the $0.220 level. The next major support is near the $0.2170 level and the 76.4% Fib retracement level of the upward move from the $0.2109 swing low to the $0.2370 high.

The main support sits at $0.2120. If there is a downside break below the $0.2120 support, the price could decline further. In the stated case, the price might decline toward the $0.20 level or even $0.1880 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 – $0.220 and $0.2120.

  • Major Resistance Levels – $0.2320 and $0.2380.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
XRP, ETH Traders Getting Greedy? Funding Rates Highest Among Top CoinsData shows XRP and Ethereum top the Funding Rate charts among the major cryptocurrencies, a sign of growing demand for long positions.
Author  Bitcoinist
12 hours ago
Data shows XRP and Ethereum top the Funding Rate charts among the major cryptocurrencies, a sign of growing demand for long positions.
placeholder
Bitcoin Price Forecast: BTC slips below $107,000 even as exchange reserves hit 6-year low Bitcoin (BTC) slips below $107,000 at the time of writing on Tuesday, continuing a mild pullback from the previous day.
Author  FXStreet
13 hours ago
Bitcoin (BTC) slips below $107,000 at the time of writing on Tuesday, continuing a mild pullback from the previous day.
placeholder
XRP Price Surges, Then Cools — Will Bulls Return for Round Two?The price is now correcting gains and might find bids near the $2.20 zone.
Author  NewsBTC
15 hours ago
The price is now correcting gains and might find bids near the $2.20 zone.
placeholder
Cardano Price Forecast: ADA eyes channel breakout as whales’ buying spree outpaces retail investorsCardano (ADA) loses ground by 1% at press time on Tuesday, extending the 0.88% from Monday while maintaining a sideways trend between the 7-day price band.
Author  FXStreet
16 hours ago
Cardano (ADA) loses ground by 1% at press time on Tuesday, extending the 0.88% from Monday while maintaining a sideways trend between the 7-day price band.
placeholder
Ethereum Price Readies for Takeoff — Bulls Eye Fresh HighsETH is now consolidating gains and might soon aim for a move above the $2,520 resistance.
Author  NewsBTC
18 hours ago
ETH is now consolidating gains and might soon aim for a move above the $2,520 resistance.
Real-time Quote