Dogecoin extended its losses and traded below the $0.1420 support zone against the US Dollar. DOGE is now recovering but faces major hurdles at $0.1450.
- DOGE price tested the $0.1360 support and triggered a recovery wave.
- The price is trading below the $0.1450 level and the 100 simple moving average (4-hours).
- A key downtrend line is forming with resistance at $0.1430 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price must settle above $0.1450 to enter a positive zone and start a further rise.
Dogecoin price extends losses
After closing below $0.150, Dogecoin price extended its losses and entered a short-term bearish zone, as Bitcoin And Ethereum. There was a decline below the $0.1450 support area.
A low has formed at $0.1358 and DOGE is attempting a recovery wave. There was a slight increase above the $0.1420 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1538 high to $0.1358 low.
Dogecoin is still below the $0.1450 level and the 100 simple moving average (4-hours). On the upside, the price faces resistance near the $0.1430 level. There is also a key downtrend line forming with resistance at $0.1430 on the 4-hour chart of the DOGE/USD pair.
The next major resistance is near the $0.1450 level and the 100 simple moving average (4-hours). This coincides with the 50% Fibonacci retracement level of the downward move from the $0.1538 high to $0.1358 low.
Source: DOGEUSD on TradingView.com
A close above the $0.1450 resistance could send the price towards the $0.1535 resistance. Any further gains could push the price towards the $0.1620 level.
Another drop in DOGE?
If DOGE price fails to rise above the $0.1450 level, it could begin a further decline. Initial support on the downside is near the $0.140 level.
The next major support is near the $0.1360 level. If there is a downward break below the $0.1360 support, the price could decline further. In the indicated case, the price could decline to the $0.1200 level.
Technical indicators
4-hour MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key support levels – $0.1400, $0.1360 and $0.1200.
Major resistance levels – $0.1430, $0.1450 and $0.1535.