Dogecoin has started a novel decline below the $0.1420 zone against the US dollar. DOGE is currently consolidating losses and may face headwinds near $0.1440.
- DOGE price started a novel decline below the USD 0.1420 level.
- The price is below the $0.1420 level and the 100-hour basic moving average.
- A key bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at $0.1440 (data source from Kraken).
- The price may augment losses if it stays below $0.1420 and $0.1440.
Dogecoin price faces resistance
Dogecoin price began a novel decline after closing below $0.1465, similar to Bitcoin and Ethereum. DOGE fell below the $0.1440 and $0.140 support levels.
The price even dropped below $0.1380. The bottom formed near $0.1363, and the price has recently recovered some of its losses. There was a slight augment above the 23.6% Fib retracement level in a move down from the high of $0.1530 to the low of $0.1363.
Dogecoin price is currently trading below the $0.1420 level and the 100-hour basic moving average. If there is a wave of recovery, immediate upside resistance will be near the $0.1425 level. The first major resistance for bulls may be near the $0.1440 level. A key bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.1440.
The next major resistance is located near the $0.1490 level and the 76.4% Fib retracement level, which is a downward move from a high of $0.1530 to a low of $0.1363. A close above the resistance at $0.1490 could push the price towards the resistance at $0.1530. Any further gains could push the price towards the $0.1550 level. The next major stop for bulls could be $0.1620.
Another DOGE decline?
If the DOGE price does not rise above the $0.1440 level, it may continue to decline. Initial downside support is near the $0.1380 level. The next crucial support is near the USD 0.1360 level.
The main support is located at USD 0.1320. If there is a break below the support at $0.1320, the price may decline further. In this case, the price may slide towards the level of USD 0.1250 or even USD 0.1240 in the near future.
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 – USD 0.1360 and USD 0.1320.
Major resistance levels – $0.1440 and $0.1490.
