Dogecoin (DOGE) Dips: A Warning Sign or A Hidden Opportunity?
Dogecoin started a fresh decline below the $0.350 zone against the US Dollar. DOGE is now consolidating and might recover if it clears the $0.3350 resistance.
- DOGE price started a fresh decline below $0.3550 and $0.350.
- The price is trading below the $0.350 level and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain momentum if it clears the $0.3350 and $0.3420 resistance levels.
Dogecoin Price Turns Red
Dogecoin price started a fresh decline after it failed to surpass $0.40, like Bitcoin and Ethereum . DOGE declined below the $0.3650 and $0.350 support levels to enter a short-term bearish zone.
There was a move below the $0.3250 support. A low was formed at $0.3143 and the price is now attempting a recovery wave. There was a move above the $0.3250 resistance but the price is still below the 23.6% Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low.
Dogecoin price is now trading below the $0.340 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3350 level. There is also a connecting bearish trend line forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.340 level. The next major resistance is near the $0.350 level or the 50% Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low.
A close above the $0.350 resistance might send the price toward the $0.3620 resistance. Any more gains might send the price toward the $0.380 level. The next major stop for the bulls might be $0.40.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.3350 level, it could start another decline. Initial support on the downside is near the $0.320 level. The next major support is near the $0.3150 level.
The main support sits at $0.30. If there is a downside break below the $0.30 support, the price could decline further. In the stated case, the price might decline toward the $0.2850 level or even $0.2720 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 – $0.320 and $0.3150.
Major Resistance Levels – $0.3350 and $0.3400.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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