The Dogecoin to USD exchange rate broke the $0.1700 mark, initiating a new round of upward movement. Dogecoin is currently correcting its gains and may find buying interest around $0.1650.

  • DOGE price starts to rise significantly, breaking the $0.1700 mark.

  • The price is trading above the $0.1650 level and the 100-hour simple moving average.

  • On the hourly chart of DOGE/USD, it broke below the key bullish trend line, with support at $0.1760 (data from Kraken).

  • If the price breaks through the resistance area of $0.1800, a new round of upward movement may begin.

Dogecoin price corrects its gains

Dogecoin price, like Bitcoin and Ethereum, began a new round of upward movement after breaking the $0.1650 resistance level. Before the bears emerged, the Dogecoin price had risen above the $0.1700 and $0.1800 resistance levels.

The price formed a peak at $0.1852, then began to correct downward. The price dropped below the levels of $0.180 and $0.1750. The price broke below the 23.6% Fibonacci retracement level of the upward move from the low of $0.1558 to the high of $0.1852.

On the hourly chart of DOGE/USD, the price also broke below the key bullish trend line, with support at $0.1760. The Dogecoin price is currently trading above $0.170 and has broken above the 100-hour simple moving average.

The immediate resistance level on the upside is around $0.1780. The first major resistance level for bulls may be around $0.180. The next major resistance level is around $0.1850. If the closing price breaks above the $0.1850 resistance level, it may push the price towards the $0.1920 resistance level. If the price continues to rise, it may push the price towards $0.1980. The next major stop-loss level for bulls may be $0.200.

DOGE Decline Again?

If the Dogecoin price fails to break through $0.180, it may decline again. On the downside, initial support is around $0.1720. The next major support level is around $0.1705, as well as the 50% Fibonacci retracement level from the low of $0.1558 to the high of $0.1852.

The major support level is at $0.1650. If the support level of $0.1650 is broken, the price may decline further. In this case, the price may drop to $0.1550 or even $0.1450 in the short term.

Technical Indicators

Hourly MACD - The MACD for DOGE/USD is currently losing momentum in the bullish area.

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

Major support levels - $0.1705 and $0.1650.

Major resistance levels - $0.1800 and $0.1850.