Dogecoin (DOGE) Rally on Hold: Can Momentum Kick Back In?
Dogecoin started a downside correction below the $0.400 support against the US Dollar. DOGE is now consolidating and might aim for a fresh increase above $0.4050.
- DOGE price started a fresh decline below the $0.40 level.
- The price is trading below the $0.4050 level and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $0.3950 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another rally if it clears the $0.4050 and $0.4150 resistance levels.
Dogecoin Price Eyes Fresh Increase
Dogecoin price started a fresh decline from well above $0.410 unlike Bitcoin and Ethereum . DOGE traded below the $0.4020 and $0.400 support levels. It even spiked below $0.3980.
A low was formed at $0.3963 and the price is now consolidating losses. It recovered some points and climbed above $0.40. It surpassed the 23.6% Fib retracement level of the downward move from the $0.4136 swing high to the $0.3963 low.
Dogecoin price is now trading below the $0.4050 level and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $0.3950 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.4025 level. The first major resistance for the bulls could be near the $0.4050 level. The next major resistance is near the $0.4095 level or the 76.4% Fib retracement level of the downward move from the $0.4136 swing high to the $0.3963 low.
Source: DOGEUSD on TradingView.comA close above the $0.4095 resistance might send the price toward the $0.4150 resistance. Any more gains might send the price toward the $0.4350 level. The next major stop for the bulls might be $0.4500.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.4050 level, it could start another decline. Initial support on the downside is near the $0.3980 level. The next major support is near the $0.3950 level.
The main support sits at $0.3750. If there is a downside break below the $0.3750 support, the price could decline further. In the stated case, the price might decline toward the $0.350 level or even $0.3420 in the near term.
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 below the 50 level.
Major Support Levels – $0.3980 and $0.3750.
Major Resistance Levels – $0.4050 and $0.4095.
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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