The Dogecoin to USD exchange rate has started to decline again from the $0.1880 area. Dogecoin is currently consolidating its losses, and a breakout above $0.1780 could lead to a rebound.
DOGE price has started to decline again, falling below $0.1880 and $0.180.
The price is below the $0.180 level and the 100-hour simple moving average.
A short-term bearish trend line has formed on the hourly chart of DOGE/USD, with resistance at $0.1760 (data from Kraken).
If the price falls below the $0.180 area, it may begin a new round of decline.
The price of Dogecoin has dropped again.
After failing to break the $0.1880 area like Bitcoin and Ethereum, Dogecoin begins a new round of decline. Dogecoin has fallen below the levels of $0.1800 and $0.1750.
Bears have even pushed the price below $0.1720. A low was formed at $0.1695, and the current price is consolidating its losses, falling below the 23.6% Fibonacci retracement level from the high of $0.2064 to the low of $0.1697.
The price of Dogecoin is currently below $0.180 and the 100-hour simple moving average. A short-term bearish trend line has also formed on the hourly chart of Dogecoin/USD, with resistance at $0.1760.
The immediate resistance level to the upside is around $0.1760. The first major resistance for bulls may be around $0.1785. The next major resistance level is near $0.180. If the closing price breaks above the $0.180 resistance, it could push the price towards the $0.1880 resistance level. This resistance level is close to the 50% Fibonacci retracement of the downward move from $0.2064 to $0.1697.
Further upside may push the price towards the $0.200 level. The next major stop-loss point for bulls may be $0.2120.
Will DOGE's losses be even greater?
If the price of Dogecoin fails to break above $0.180, it may decline again. The initial support level to the downside is around $0.1720. The next major support level is around $0.1700.
The main support level is at $0.1680. If the price breaks below the support level of $0.1680, it may decline further. In this case, the price could drop towards $0.1550 in the short term, or even $0.1525.
Technical indicators
Hourly MACD - The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is currently above the 50 level.
Major support levels - $0.1700 and $0.1680.
Major resistance levels - $0.1760 and $0.1800
