Dogecoin (DOGE) Poised to Move: Will It Spark Recent Growth?

Dogecoin has started a downward correction from the $0.180 zone against the US dollar. DOGE tested $0.1420 and is currently recovering.

DOGE price started a novel decline from the $0.180 resistance level.
The price is below the $0.1650 level and the 100-hour elementary moving average.
A key bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.1580 (data source from Kraken).
The price could start a fresh rally if it breaks the $0.1550 and $0.1580 resistance levels.

Dogecoin price is looking at fresh growth

Dogecoin price has started a novel decline after failing to break the $0.180 resistance level like Bitcoin and Ethereum. DOGE fell below the $0.1720 and $0.1650 support levels.

Before the bulls emerged, the price even dropped below $0.1550. The lowest level was formed at USD 0.1422 and the price is currently experiencing a wave of recovery. There was a move above the resistance zone at $0.150. The price rose above the 23.6% Fib retracement level in a down move from a high of $0.1790 to a low of $0.1422.

Dogecoin price is currently trading below the $0.1550 level and the 100-hour elementary moving average. Immediate upside resistance is located near the $0.1550 level. The next major resistance is near the $0.1580 level. A key bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.1580.

A close above the $0.1580 resistance could push the price towards the $0.1600 resistance. Any further upside could push the price towards the $0.1650 level or the 61.8% Fib retracement level in a move down from the high of $0.1790 to the low of $0.1422. The next major stop for bulls could be $0.1720.

Another DOGE decline?

If the DOGE price does not rise above the $0.1550 level, another decline could begin. Initial downside support is near the $0.1480 level. The next critical support is near the USD 0.1420 level.

The main support is located at USD 0.1400. If there is a break below the support at $0.1400, the price may decline further. In the above case, the price may drop towards the level of USD 0.1320 or even USD 0.1300 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 0.1480 and USD 0.1420.

Major resistance levels – USD 0.1550 and USD 0.1580.