Dogecoin has started a recent decline below the $0.350 zone against the US dollar. DOGE is currently consolidating and could recover if it breaks through the resistance at $0.3350.
- DOGE price started a recent decline below $0.3550 and $0.350.
- The price is below the $0.350 level and the 100-hour straightforward moving average.
- A connecting bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.3350 (data source from Kraken).
- The price may gain momentum if it breaks the $0.3350 and $0.3420 resistance levels.
Dogecoin price turns red
Dogecoin price started a recent decline after failing to break above $0.40, along with Bitcoin and Ethereum. DOGE fell below the $0.3650 and $0.350 support levels to enter a short-term bear zone.
There was a move below the support at $0.3250. The lowest level was formed at USD 0.3143 and the price is currently experiencing a wave of recovery. There has been a move above the resistance at $0.3250, but the price is still below the 23.6% Fib retracement level resulting from a move down from the high of $0.3981 to the low of $0.3143.
Dogecoin price is currently trading below the $0.340 level and the 100-hour straightforward moving average. Immediate upside resistance is located near the $0.3350 level. A converging bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.3350.
The first major resistance for bulls may be near the $0.340 level. The next major resistance is located near the $0.350 level or the 50% Fib retracement level in a move down from the high of $0.3981 to the low of $0.3143.
A close above the resistance at $0.350 could push the price towards the resistance at $0.3620. Any further gains could push the price towards the $0.380 level. The next major stop for bulls could be $0.40.
Another DOGE drop?
If the DOGE price does not rise above the $0.3350 level, another decline could begin. Initial downside support is near the $0.320 level. The next crucial support is near the USD 0.3150 level.
The main support is located at USD 0.30. If there is a break below the support at $0.30, the price may decline further. In this case, the price may drop towards USD 0.2850 or even USD 0.2720 in the brief term.
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 0.320 and USD 0.3150.
Major resistance levels – USD 0.3350 and USD 0.3400.
