Dogecoin (DOGE) Price Corrects Gains Above the $0.1700 Zone

Dogecoin price started a fresh increase above the $0.1650 zone against the US Dollar. DOGE is now correcting gains and might find bids near the $0.1700 zone.

Dogecoin Price Corrects Gains

Dogecoin price started a fresh increase above the $0.1650 resistance, like Bitcoin and Ethereum. It climbed above the $0.1700 and $0.1800 resistance levels before the bears appeared. A high was formed at $0.1852 and the price started a downside correction.

There was a move below the $0.180 and $0.1750 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.1558 swing low to the $0.1852 high. There was also a break below a key bullish trend line with support at $0.1760 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.170 level and the 100-hourly simple moving average. The price is facing an immediate resistance near the $0.1780 level. The first major resistance for the bulls could be near the $0.180 level. The next major resistance is near the $0.1850 level. A close above the $0.1850 resistance might send the price toward the $0.1920 resistance.

Any more gains might push the price toward the $0.1980 level. The next major stop for the bulls might be $0.200.

If DOGE’s price fails to rise above the $0.180 level, it could start another decline. Initial support on the downside is near the $0.1720 level. The next major support is near the $0.1705 level and the 50% Fib retracement level of the upward move from the $0.1558 swing low to the $0.1852 high.

The main support sits at $0.1650. If there is a downside break below the $0.1650 support, the price could decline further. In the stated case, the price might decline toward the $0.1550 level or even $0.1450 in the near term.

Technical Indicator

Hourly MACD - The MACD for DOGE/USD is now losing momentum in the bullish zone.

Hourly RSI - The RSI for DOGE/USD is now below the 50 level.

Major Support Levels - $0.1705 and $0.1650.

Major Resistance Levels - $0.1800 and $0.1850.