The Dogecoin to USD exchange rate has fallen below the $0.250 area, starting a new round of decline. Dogecoin is currently in a consolidation phase and may further break below $0.2250.

  • DOGE price has started to decline again, breaking below $0.2420.

  • The price is below the $0.2320 level and the 100-hour simple moving average.

  • On the hourly chart of DOGE/USD, it has broken below the key ascending channel, with support at $0.2295 (data source: Kraken).

  • If the price stays above the $0.2165 area, it may start a new round of upward movement.

Dogecoin price is declining again.

Dogecoin price has started to rise again above the resistance level of $0.240, similar to Bitcoin and Ethereum. Before the bears appeared, Dogecoin even surged above $0.2420.

The price formed a high at $0.2430 and then started a new round of decline. It broke below the levels of $0.240 and $0.2350. The price has breached the 50% Fibonacci retracement level of the uptrend from the low of $0.2163 to the high of $0.2430.

Additionally, the Dogecoin/USD hourly chart shows that it has broken below the key ascending channel, with support at $0.2295. The Dogecoin price is currently below $0.2320 and the 100-hour simple moving average.

Bulls are currently defending the 76.4% Fibonacci retracement level of the uptrend from the low of $0.2163 to the high of $0.2430. If a recovery wave occurs, the immediate resistance level on the upside is around $0.2295. The first major resistance level for bulls may be around $0.2320.

The next major resistance level is around $0.2420. If the closing price breaks through the $0.2420 resistance level, it may push the price up to the $0.250 resistance level. If it rises further, it may push the price up to $0.2650. The next major stop-loss level for bulls may be $0.2780.

Will DOGE's losses be even greater?

If the Dogecoin price fails to break through $0.2320, it may continue to decline. The initial support level in the downward direction is around $0.2220. The next major support level is around $0.2165.

The major support level is at $0.2150. If the support at $0.2150 is breached, the price may decline further. In this case, the price may fall towards $0.2050 or even $0.2020 in the short term.

Technical indicators

Hourly MACD - The MACD for DOGE/USD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) - The RSI for DOGE/USD is currently below the 50 level.

Major support levels - $0.2165 and $0.2150.

Major resistance levels - $0.2320 and $0.2420.