DOGE Price Forecast – Will Dogecoin Bulls Overcome This Hurdle?

Dogecoin extended losses and traded below the $0.1420 support zone against the US dollar. DOGE is currently recovering but faces key headwinds at $0.1450.

DOGE price tested the USD 0.1360 support and initiated a wave of recovery.
The price is below the USD 0.1450 level and the 100 uncomplicated moving average (4 hours).
A key bearish trend line is forming on the 4-hour chart of DOGE/USD with resistance at $0.1430 (data source from Kraken).
The price needs to stabilize above $0.1450 to enter the positive zone and start a fresh rally.

Dogecoin price increases losses

After closing below $0.150, Dogecoin’s price deepened its losses and entered a short-term bear zone, similar to Bitcoin and Ethereum. There was a decline below the support zone at USD 0.1450.

The low has formed at USD 0.1358 and DOGE is trying to ride the wave of recovery. There was a slight augment above the resistance level at $0.1420. The price rose above the 23.6% Fib retracement level in a move down from a high of $0.1538 to a low of $0.1358.

Dogecoin is still trading below the $0.1450 level and the 100 uncomplicated moving average (4 hours). On the other hand, the price is facing resistance near the USD 0.1430 level. A key bearish trend line is also forming on the 4-hour chart of DOGE/USD with resistance at $0.1430.

The next major resistance is near the $0.1450 level and the 100 uncomplicated moving average (4 hours). This coincides with the 50% Fib retracement level for a move down from the high of $0.1538 to the low of $0.1358.

Source: DOGEUSD on TradingView.com

A close above the resistance at $0.1450 could push the price towards the resistance at $0.1535. Any further gains could push the price towards the $0.1620 level.

Another DOGE decline?

If DOGE price fails to gain momentum above the $0.1450 level, another decline could begin. Initial downside support is near the $0.140 level.

The next crucial support is near the USD 0.1360 level. If there is a break below the support at $0.1360, the price may decline further. In the given case, the price may fall towards the USD 0.1200 level.

Technical indicators

4-Hour MACD – The MACD for DOGE/USD is currently losing momentum in a bearish zone.

4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.

Major support levels – $0.1400, $0.1360 and $0.1200.

Major resistance levels – $0.1430, $0.1450 and $0.1535.