Dogecoin Price Turns Red

Dogecoin price started a fresh decline from the $0.1680 zone against the US Dollar. DOGE is consolidating and might extend losses below the $0.150 support.

Dogecoin Price Analysis

Dogecoin price failed to clear the $0.1680 level and started a fresh decline. Like Bitcoin and Ethereum, the bears had the upper hand.

The bears pushed the price below the $0.1620 and $0.1600 support levels. Moreover, the price dropped below the $0.1550 support and traded close to the $0.1500 support. A low was formed at $0.1504 and the price recently corrected some losses. There was also a minor move above the 23.6% Fib retracement level of the downward move from the $0.1694 swing high to the $0.1504 low.

Dogecoin price is now trading below the $0.1600 level and the 100-hourly simple moving average. Besides, there is a short-term rising channel or a bearish flag forming with support at $0.1540 on the hourly chart of the DOGE/USD pair.

On the upside, immediate resistance is near the $0.1580 level. The first major resistance for the bulls could be near the $0.1600 level and the 50% Fib retracement level of the downward move from the $0.1694 swing high to the $0.1504 low.

The next major resistance is at the $0.1620 level. A close above the $0.1620 resistance might send the price toward the $0.1700 resistance. Any further gains might push the price toward the $0.1720 level. The next major stop for the bulls could be at the $0.1800 level.

Another Decline In DOGE?

If DOGE’s price fails to rise above the $0.1600 level, it might start another decline. Initial support on the downside is at the $0.1540 level. The next major support is at the $0.1520 level.

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

Technical Indicator

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 - $0.1540 and $0.1500.

Major Resistance Levels - $0.1600 and $0.1620.