Dogecoin corrected gains and tested the $0.1620 zone against the US dollar. DOGE is currently forming a base and may start a fresh rally above $0.1680.

• DOGE price dropped and tested the key support at $0.1620.
• The price is below the $0.1650 level and the 100-hour straightforward moving average.
• A key bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at $0.1685 (data source from Kraken).
• The price needs to stabilize above $0.170 to enter the positive zone and start a fresh rally.

Dogecoin price maintains support

After steadily rising, Dogecoin price has encountered resistance near the $0.1750 zone. The last swing high was formed at $0.1705 before DOGE began a downward correction, similar to Bitcoin and Ethereum. There was a decline below the support zone at USD 0.1650.

The bottom has formed at $0.1620 and DOGE is currently consolidating ahead of its next move. Dogecoin is currently trading below the $0.1650 level and the 100-hour straightforward moving average. On the other hand, the price is facing resistance near the USD 0.1664 level. It is near the 50% Fib retracement level, which is a downward move from the high of $0.1705 to the low of $0.1620.

The next major resistance is located near the $0.1685 level or the 76.4% Fib retracement level in a move down from the high of $0.1705 to the low of $0.1620. A key bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.1685.

A close above the $0.1685 resistance could push the price towards the $0.1725 resistance. Any further gains could push the price towards the $0.1750 level. The next major stop for bulls could be $0.1800.

More losses at DOGE?

If DOGE price fails to gain momentum above the $0.1685 level, another decline could begin. Initial downside support is near the $0.1620 level.

The next significant support is near the $0.1550 level. If there is a break below the support at $0.1550, the price may decline further. In the given case, the price may fall towards the level of USD 0.1520.

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 below the 50 level.

Major support levels – $0.1620, $0.1550 and $0.1520.

Major resistance levels – $0.1660, $0.1685 and $0.1720.