Dogecoin has once again visited the $0.30 support zone against the US dollar. DOGE is currently consolidating and could gain traction if it breaks through the resistance at $0.3165.

• DOGE price began another decline and reached the level of USD 0.300.
• The price is below the $0.320 level and the 100-hour elementary moving average.
• A connecting bearish trend line is forming on the hourly chart of the DOGE/USD pair with resistance at USD 0.3165 (data source from Kraken).
• The price may gain momentum if it breaks the $0.3165 and $0.320 resistance levels.

Dogecoin price supports support again

Dogecoin price started a recent decline well above $0.3350, similar to Bitcoin and Ethereum. DOGE was trading below the $0.3250 and $0.320 support levels. Its price even rose below USD 0.3120.

The bottom was formed at USD 0.3081 and the price is currently consolidating losses. It recovered a few points and climbed above $0.3150. The 23.6% Fib retracement level was tested for a move down from the high of $0.3427 to the low of $0.3081.

Dogecoin price is currently trading below the $0.320 level and the 100-hour elementary moving average. Immediate upside resistance is located near the $0.3165 level. A connecting bearish trend line is also forming on the hourly chart of DOGE/USD with resistance at $0.3165.

The first major resistance for bulls could be near the $0.3250 level or the 50% Fib retracement level for a move down from the high at $0.3427 to the low at $0.3081.

The next major resistance is near the $0.3295 level. A close above the resistance at $0.3295 could push the price towards the resistance at $0.350. Any further gains could push the price towards the $0.3680 level. The next major stop for bulls could be $0.40.

Another DOGE decline?

If the DOGE price does not rise above the $0.3165 level, another decline could begin. Initial downside support is located near the $0.3120 level. The next essential support is near the USD 0.3080 level.

The main support is located at USD 0.30. If there is a break below the support at $0.300, the price may decline further. In this case, the price may drop towards the level of USD 0.2850 or even USD 0.2620 in the low term.

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 – USD 0.3080 and USD 0.3000.

Major resistance levels – USD 0.3165 and USD 0.3250.