Dogecoin is consolidating above the $0.1320 support zone against the US Dollar. DOGE must clear the $0.1425 resistance to start another increase.
- DOGE price started a downside correction from the $0.1500 resistance level.
- The price is trading below the $0.1420 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1425 and $0.1450 resistance levels.
Dogecoin Price Eyes Upside Break
Dogecoin price started a downside correction from the $0.1500 resistance zone. DOGE dipped below $0.1450 and $0.1420 levels. A low was formed at $0.1330 and the price is now recovering losses like Bitcoin and Ethereum.
There was also a move above the $0.1350 and $0.1380 resistance levels. The price surpassed the 50% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low. However, the bears are active near the $0.1425 resistance zone.
There is also a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair. The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.1482 swing high to the $0.1330 low.
Dogecoin price is now trading below the $0.1420 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1425 level. The next major resistance is near the $0.1450 level.
A close above the $0.1450 resistance might send the price toward the $0.1500 resistance. Any more gains might send the price toward the $0.1550 level. The next major stop for the bulls might be $0.1585.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.1425 level, it could start another decline. Initial support on the downside is near the $0.1365 level. The next major support is near the $0.1350 level.
The main support sits at $0.1320. If there is a downside break below the $0.1320 support, the price could decline further. In the stated case, the price might decline toward the $0.1250 level or even $0.1220 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now near the 50 level.
Major Support Levels – $0.1365 and $0.1320.
Major Resistance Levels – $0.1425 and $0.1450.
Credit: Source link
