Dogecoin started a new decline from $0.0820 against the US dollar. DOGE is falling and may drop towards the $0.065 support zone.
- DOGE failed to clear $0.0820 and started a fresh decline against the US dollar.
- The price is trading below the $0.080 zone and the 100 simple moving average (4 hours).
- A key bearish trendline is forming with resistance near $0.078 on the 4-hour chart of DOGE/USD (data source from Kraken).
- The pair could decline further if there is a move below $0.0720.
Dogecoin price continues to fall
After a slight uptick, Dogecoin price faced resistance near $0.0820. DOGE made a high near $0.0815 and started a new decline, similar to bitcoin and Ethereum.
There was a clear move below the $0.0800 support and the 100 simple moving average (4 hours). The bears were able to push the price below the key support at $0.0775. A low is forming near $0.0734 and the price is now showing bearish signs.
DOGE is trading below the $0.080 zone and the 100 simple moving average (4 hours). A key bearish trendline is also forming on the 4-hour chart of the DOGE/USD pair with resistance near $0.078.
On the upside, the price faces resistance near the $0.0775 level. It is near the 50% Fib retracement level of the recent decline from the $0.0815 swing high to the $0.0734 low. Another major resistance is near the $0.078 zone and the trend line.
Source: DOGEUSD on TradingView.com
The trend line is near the 100 simple moving average (4 hours) and the 61.8% Fib retracement level of the recent decline from the $0.0815 swing high to $0.0734 low. A close above the $0.078 resistance could send the price towards the $0.082 resistance. Another major resistance is near $0.0850. Any further gains could send the price towards the $0.090 level.
More losses in DOGE?
If the price of DOGE does not pick up the pace above the $0.078 level, it may continue to decline. Initial downside support is near the $0.0735 level.
Another major support is near the $0.0720 level. If there is a break below the $0.072 support, the price could fall further. In this case, the price may drop to the $0.070 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining strength in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.0735, $0.072 and $0.070.
Major resistance levels – $0.0775, $0.0780 and $0.082.
