Dogecoin is struggling to rise above the $0.1650 resistance zone against the US Dollar. DOGE could decline heavily if it settles below the $0.140 support.
- DOGE is facing many hurdles near the $0.1650 and $0.170 levels against the US dollar.
- The price is trading below the $0.1620 level and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The price must settle above $0.170 to move into a positive zone and start a fresh surge.
Dogecoin Price Signals Downturn
After a major decline, Dogecoin price started a recovery wave from the $0.1280 zone. A low was formed at $0.1283 and DOGE climbed above $0.1350, like Bitcoin and Ethereum.
There was a move above the $0.1385 and $0.140 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. However, the bears protected more gains above the $0.170 resistance.
The price failed to test the 50% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. There is also a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair.
Dogecoin is also below the $0.160 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1680 level. The main hurdle is at $0.170. A close above the $0.170 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.20 level.
More Losses in DOGE?
If DOGE’s price fails to gain pace above the $0.160 level, it could start another decline. Initial support on the downside is near the $0.1475 level.
The next major support is near the $0.1400 level. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1475, $0.1400 and $0.1200.
Major Resistance Levels – $0.1600, $0.1680, and $0.1700.
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Author: Aayush Jindal
