Dogecoin has started a downward correction from the $0.4050 zone against the US dollar. DOGE is currently consolidating and could attempt a recent rally if it breaks the resistance at $0.3680.

• DOGE price started a recent decline below $0.4050 and $0.380.
• The price is below the $0.3750 level and the 100-hour uncomplicated moving average.
• A major bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.3650 (data source from Kraken).
• The price could begin another rally if it breaks the $0.3650 and $0.3680 resistance levels.

Dogecoin price falls to support

Dogecoin price started a recent decline from the $0.4050 resistance zone, unlike Bitcoin and Ethereum. DOGE fell below the $0.400 and $0.380 support levels. It even jumped below $0.350.

The low has formed at $0.3380 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $0.3860 to the low of $0.3380. A major bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.3650.

Dogecoin price is currently trading below the $0.3750 level and the 100-hour uncomplicated moving average. Immediate upside resistance is located near the $0.3650 level and the trend line.

The first major resistance for bulls could be near the $0.3680 level or the 61.8% Fib retracement level for a move down from the high at $0.3860 to the low at $0.3380. The next major resistance is near the $0.3750 level.

A close above the resistance at $0.3750 could push the price towards the resistance at $0.3860. Any further gains could push the price towards the $0.40 level. The next major stop for bulls could be $0.420.

Another DOGE drop?

If the DOGE price does not rise above the $0.3750 level, another decline could begin. Initial downside support is near the $0.340 level. The next crucial support is near the USD 0.3380 level.

The main support is located at USD 0.3250. If there is a break below the support at $0.3250, the price may decline further. In this case, the price may drop towards the USD 0.3020 or even USD 0.300 level in the near future.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.

Major support levels – USD 0.3380 and USD 0.3250.

Major resistance levels – USD 0.3650 and USD 0.3750.