Dogecoin Started a Fresh Decline Below the $0.1720 Zone

Dogecoin price is attempting to recover after testing the $0.1650 support. The price is now trading above the 50% Fib retracement level.

Dogecoin price is trading in a fresh decline below the $0.1720 zone against the US Dollar. Dogecoin tested $0.1650 and is now trying to recover.

Dogecoin Price Analysis

Yesterday, we highlighted that if the bears break the $0.1700 support, then we could see a deeper decline toward $0.1650. The price actually dipped as low as $0.1646 before buyers returned.

A low was formed at $0.1646 and the price is now attempting a strong comeback. There was a move above the $0.1680 level. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.1791 swing high to the $0.1646 low.

Dogecoin price is now trading above the $0.1680 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $0.1680 on the hourly chart of the DOGE/USD pair.

The chart shows that Dogecoin price is showing signs of recovery above the $0.1700 level. The price is also gradually increasing and if the bulls manage to break the $0.1800 resistance, then we might see a strong move toward the $0.2000 level.

Dogecoin price is currently facing resistance near the $0.1755 level or the 76.4% Fib retracement level of the downward move from the $0.1791 swing high to the $0.1646 low. The first major resistance for the bulls could be near the $0.1780 level.

The next major resistance is near the $0.1800 level. A close above the $0.1800 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.2000 level. The next major stop for the bulls could be $0.2050.

Dogecoin Price Down Further

If DOGE’s price fails to rise above the $0.1755 level, then it could start another decline. Initial support on the downside is near the $0.1720 level. The next major support is seen near the $0.1680 level.

The main support sits at $0.1650. If there is a downside break below the $0.1650 support, then the price could decline further. In the stated case, the price might decrease toward the $0.1620 level or even $0.1550 in the near term.

If the price declines below the $0.1550 support, it might continue to move down toward the $0.1400 zone.

Technical Indicators

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

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

Major Support Levels - $0.1680 and $0.1650.

Major Resistance Levels - $0.1755 and $0.1800.