The Dogecoin to USD exchange rate started a new round of decline from the $0.1820 area. Dogecoin is currently consolidating its losses, and if it breaks above $0.1750, a rebound is expected.
DOGE price starts to decline again, falling below $0.1820 and $0.180.
Price is below the $0.1780 level and the 100-hour simple moving average.
On the hourly chart of DOGE/USD, a bearish trend line has been broken, with resistance at $0.1680 (data source: Kraken).
If the price stays below $0.1780, a new round of decline may begin.
Dogecoin price faces resistance.
Dogecoin price began a new round of decline after failing to break through the $0.1820 area, underperforming Bitcoin and Ethereum. Dogecoin fell below $0.1800 and $0.1780.
Bears even pushed the price down below $0.170. The price formed a low at $0.1641 and is currently trying to recover. It is fluctuating slightly above the 23.6% Fibonacci retracement level of the downward move from the $0.1811 swing high to the $0.1641 low.
Additionally, on the hourly chart of Dogecoin/USD, a bearish trend line has been broken, with resistance at $0.1680. The Dogecoin price is currently below $0.1780 and the 100-hour simple moving average.
The immediate resistance level on the upside is near $0.1725. This level is close to the 50% Fibonacci retracement level of the downward move from the $0.1811 swing high to the $0.1641 low. The first major resistance for the bulls may be around $0.1750.
The next major resistance level is near $0.1820. If the closing price breaks above the $0.1820 resistance level, it may push the price up to the $0.1880 resistance level. If it rises further, it may push the price up to $0.200. The next major stop-loss for bulls may be $0.2120.
DOGE declines again?
If the Dogecoin price fails to break above $0.1750, it may decline again. The initial support on the downside is near $0.1680. The next major support is around $0.1640.
The main support level is at $0.1620. If the support at $0.1620 is broken, the price may decline further. In this case, the price may drop towards $0.150 in the short term, or even $0.1440.
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 - $0.1640 and $0.1620.
Major resistance levels - $0.1750 and $0.1800.
