Dogecoin (DOGE) Derailed? Meme Coin Faces New Hurdles to Fresh Surge

Aayush Jindal

3 months ago

2 mins read

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Dogecoin started a fresh decline from the $0.1700 zone against the US Dollar. DOGE is consolidating and might struggle to recover above $0.1650.

DOGE price started a fresh decline below the $0.1650 and $0.1600 levels.
The price is trading below the $0.1620 level and the 100-hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $0.1620 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could extend losses if it breaks the $0.1575 support zone.

Dogecoin Price Faces Rejection

Dogecoin price started a fresh decline after it failed to clear $0.170, unlike Bitcoin and Ethereum. DOGE dipped below the $0.1650 and $0.1600 support levels.

The bears were able to push the price below the $0.1585 support level. It even traded close to the $0.1575 support. A low was formed at $0.1573 and the price recently corrected some losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.1693 swing high to the $0.1573 low.

Dogecoin price is now trading below the $0.1620 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1620 level. There is also a connecting bearish trend line forming with resistance at $0.1620 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.1635 level and the 50% Fib retracement level of the downward move from the $0.1693 swing high to the $0.1573 low.

The next major resistance is near the $0.1665 level. A close above the $0.1665 resistance might send the price toward the $0.1700 resistance. Any more gains might send the price toward the $0.1720 level. The next major stop for the bulls might be $0.1800.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1620 level, it could start another decline. Initial support on the downside is near the $0.1575 level. The next major support is near the $0.1540 level.

The main support sits at $0.1500. If there is a downside break below the $0.1500 support, the price could decline further. In the stated case, the price might decline toward the $0.1420 level or even $0.1350 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

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

Major Support Levels – $0.1575 and $0.1540.

Major Resistance Levels – $0.1620 and $0.1665.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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