Dogecoin revisited the $0.30 support zone against the USD. DOGE is now consolidating and may gain further traction if it clears the $0.3165 resistance.
- The price of DOGE started another decline and traded to the $0.300 level.
- The price is trading below the $0.320 level and the 100-hour simple moving average.
- On the hourly chart of the DOGE/USD pair (data source from Kraken), a bearish trend line is forming connected to the $0.3165 resistance.
- If it clears the $0.3165 and $0.320 resistance levels, the price could gain more momentum.
Dogecoin price support again
Dogecoin price started to decline again from $0.3350 Bitcoin and Ethereum. DOGE traded below the $0.3250 and $0.320 support levels. It even reached below $0.3120.
A low was formed at $0.3081 and the price is now consolidating losses. It recovered a few points and climbed above $0.3150. This 23.6% Fib retracement level tested the downside move from the swing low of $0.3427 to the low of $0.3081.
Dogecoin price is now trading below the $0.320 level and the 100-hour simple moving average. Immediate resistance on the upside is near the $0.3165 level. A bearish trend line is also forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.3250 level or the 50% Fib retracement level of the downside move from $0.3427 to $0.3081.
The next major resistance is near the $0.3295 level. A close above the $0.3295 resistance may push the price towards the $0.350 resistance. Any further gains may take the price to the $0.3680 level. The next major stop for the bulls could be $0.40.
Another reduction in DOGE?
If the price of DOGE fails to climb above the $0.3165 level, it may start another decline. Primary support on the downside is near the $0.3120 level. The next major support is near the $0.3080 level.
The main support is $0.30. If there is a bearish break below the $0.300 support level, the price may fall further. In the mentioned case, the price may drop to the level of $0.2850 or even $0.2620 in the short term.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.3080 and $0.3000.
Key resistance levels – $0.3165 and $0.3250.
