Dogecoin (DOGE) Edges Into a Decisive Zone, Traders on High Alert

Dogecoin started a fresh decline below the $0.1450 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.140.

• DOGE price started a fresh decline below the $0.1420 level.
• The price is trading below the $0.140 level and the 100-hourly simple moving average.
• There is a key declining channel forming with resistance at $0.1395 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it stays below $0.1400 and $0.1420.

Dogecoin Price Dips Again

Dogecoin price started a fresh decline after it closed below $0.1500, like Bitcoin and Ethereum. DOGE declined below the $0.1450 and $0.1420 support levels.

The price even traded below $0.140. A low was formed near $0.1348, and the price is now showing bearish signs. It is consolidating below the 23.6% Fib retracement level of the downward move from the $0.1539 swing high to the $0.1348 low.

Dogecoin price is now trading below the $0.140 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1390 level.

The first major resistance for the bulls could be near the $0.140 level. There is also a key declining channel forming with resistance at $0.1395 on the hourly chart of the DOGE/USD pair. The next major resistance is near the $0.1420 level. A close above the $0.1420 resistance might send the price toward the $0.1445 resistance or the 50% Fib retracement level of the downward move from the $0.1539 swing high to the $0.1348 low. Any more gains might send the price toward the $0.150 level. The next major stop for the bulls might be $0.1540.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1400 level, it could continue to move down. Initial support on the downside is near the $0.1350 level. The next major support is near the $0.1320 level.

The main support sits at $0.1280. If there is a downside break below the $0.1280 support, the price could decline further. In the stated case, the price might slide toward the $0.120 level or even $0.1180 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 above the 50 level.

Major Support Levels – $0.1350 and $0.1320.

Major Resistance Levels – $0.1400 and $0.1420.

Source