Dogecoin (DOGE) Meets Resistance and Hesitates, Market Tone Changes

[Ben Graham]

Dogecoin corrected some gains and traded below $0.1450 against the US Dollar. DOGE is now holding the $0.1420 support and might aim for a fresh increase.

• DOGE price started a fresh downside correction from $0.1510.
• The price is trading above the $0.1420 level and the 100-hourly simple moving average.
• There is a bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could aim for a fresh increase if it remains stable above $0.1400.

Dogecoin Price Eyes Another Increase

Dogecoin price started a downside correction after it failed to clear $0.1520, like Bitcoin and Ethereum. DOGE declined below the $0.150 and $0.1450 levels.

There was a move toward the 50% Fib retracement level of the upward move from the $0.1348 swing low to the $0.1512 high. However, the bulls remained active near the $0.1420 support. Besides, there is a bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.1425 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1450 level. The first major resistance for the bulls could be near the $0.150 level.

The next major resistance is near the $0.1510 level. A close above the $0.1510 resistance might send the price toward $0.1550. Any more gains might send the price toward $0.1765. The next major stop for the bulls might be $0.1850.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.1420 level and the trend line. The next major support is near the $0.1410 level and the 61.8% Fib retracement level of the upward move from the $0.1348 swing low to the $0.1512 high.

The main support sits at $0.1350. If there is a downside break below the $0.1350 support, the price could decline further. In the stated case, the price might slide toward the $0.1320 level or even $0.1305 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 – $0.1420 and $0.1410.

Major Resistance Levels – $0.1500 and $0.1510.