Unlike Bitcoin and Ethereum, Dogecoin failed to break the $0.2550 resistance level and the price began a new round of decline, breaking below $0.2420 and $0.2400. Bears even pushed the price below $0.2200, with the low forming at $0.2157, and the current price is consolidating the downtrend. The price is slightly above the 23.6% Fibonacci retracement level of the downward trend from the high of $0.2542 to the low of $0.2157.
Currently, the price of Dogecoin is below $0.2350 and the 100-hour simple moving average. A bullish trendline is present on the DOGE/USD hourly chart, with support at $0.2230.
The immediate upside resistance is around $0.2300, with major resistance at $0.2350, near the 50% Fibonacci retracement level of the downward trend from $0.2542 to $0.2157. The next key resistance level is at $0.2420. If the closing price breaks above $0.2420, it could push the price up to $0.2550, and further increases might test $0.2640, or even $0.280.
Downside risk: If Dogecoin fails to break above $0.2350, it may decline again. Initial support is near $0.2200 and the trendline, with the next major support level at $0.2150. If it breaks below $0.2120, the price may further drop to $0.2000, or even $0.1840.
Technical indicators
Hourly MACD: The MACD for DOGE/USD is accelerating in the bearish zone.
Hourly RSI: The RSI for DOGE/USD is below the 50 level.
Main support levels: $0.2200, $0.2120.
Main resistance levels: $0.2420, $0.2550.
