The Dogecoin to USD exchange rate fell below the $0.2320 area, initiating a new round of decline. Dogecoin is currently in a consolidation phase and may further drop below $0.210.
DOGE price has started to decline again, breaking below $0.2250.
The price is below the $0.2250 level and the 100-hour simple moving average.
A bearish trend line has formed on the hourly chart of DOGE/USD, with resistance at $0.220 (data from Kraken).
If the price remains above the $0.2080 area, it may begin a new round of increases.
The price of Dogecoin continues to decline.
The price of Dogecoin began a new round of decline after closing below $0.240, similar to Bitcoin and Ethereum. Dogecoin broke below the support levels of $0.2320 and $0.2250.
The price even fell below $0.2120 at one point. The low was formed at $0.2078, and the price is currently consolidating the decline. A slight rebound occurred above the 23.6% Fibonacci retracement level from the recent fluctuation high of $0.2430 to the low of $0.2078.
The price of Dogecoin is currently below $0.2250 and the 100-hour simple moving average. If a rebound occurs, the immediate resistance level is around $0.220. A bearish trend line has also formed on the hourly chart of the Dogecoin/USD pair, with resistance at $0.220.
The first major resistance level for bulls may be around $0.2250. This level is close to the 50% Fibonacci retracement level from the recent fluctuation high of $0.2430 to the low of $0.2078.
The next major resistance level is around $0.2320. If the closing price breaks above the $0.2320 resistance level, it may push the price up to the $0.2450 resistance level. If the price rises further, it may head towards $0.250. The next major stop-loss level for bulls may be $0.2550.
Is DOGE dropping again?
If the price of Dogecoin fails to break above $0.2250, it may continue to decline. On the downside, the initial support level is near $0.2120. The next major support level is around $0.2080.
The main support level is at $0.2050. If the support level at $0.2050 is broken, the price may decline further. In this case, the price could drop towards $0.20 in the short term, or even $0.1920.
