Dogecoin has started a new decline against the US dollar, falling below the $0.260 zone. DOGE is currently consolidating and could fall further if it falls below $0.2550.
DOGE price started a new decline below the $0.2550 level. The price is trading below the $0.2550 level and the 100 hourly simple moving average. On the hourly chart of the DOGE/USD pair, resistance has formed at $0.2570 and a bearish trend line has formed (data source: Kraken). If the price breaks below $0.2420, the price could extend losses.
Dogecoin price cuts profits
Dogecoin price started a new decline after closing below $0.2620, similar to Bitcoin and Ethereum. DOGE has fallen below the $0.260 and $0.2550 support levels.
It traded below $0.2450. The low was formed around $0.2430 and the price recently attempted a recovery wave. There was a move above the 50% Fib retracement level of the decline from the swing high of $0.2701 to the low of $0.2431.
However, the bears were active around the resistance at $0.260 and the 61.8% Fib retracement level of the decline from the swing high of $0.2701 to the low of $0.2431. Furthermore, on the hourly chart of the DOGE/USD pair, resistance has formed at $0.2570, indicating a bearish trend line.
Dogecoin price is currently trading below the $0.2550 level and the 100-hour simple moving average. If there is a wave of recovery, the immediate resistance will be around the $0.2550 level. The first major resistance for the bulls could be near the $0.2570 level and trendline.
The next major resistance level is near the $0.260 level. If the price closes above the $0.260 resistance, the price could head towards the $0.2780 resistance. Further upside could send the price towards the $0.2840 level. The next major stop for the bulls could be at $0.2920.
Will DOGE cause more losses?
If DOGE price fails to break above the $0.2550 level, the decline may continue. Downside support is near $0.2470. The next major support lies around the $0.2420 level.
The main support level is at USD 0.2350. If the price breaks below the support at $0.2350, the price may fall further. In the above case, the price could fall towards the $0.2120 level and even $0.2050 in the short term.
technical indicators
Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.
Major support levels – $0.2420 and $0.2350.
Key resistance levels – $0.2550 and $0.2600.
