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

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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.

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