Dogecoin is showing bearish signs below the $0.150 resistance area against the US Dollar. DOGE could accelerate lower if it breaks the $0.140 support.
- DOGE price dropped below the $0.150 support area.
- The price is trading below the $0.1450 level and the 100-hour simple moving average.
- There was a break below the main bullish trend line with support near $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price should stay above $0.1450 to gain bullish momentum and continue higher.
The price of Dogecoin has increased again
After a decent rise, the price of Dogecoin faced resistance near the $0.1500 area. DOGE failed to continue higher and started a new low below $0.1450 like Bitcoin and Ethereum.
There was a move below the $0.1420 support level and the 100-hour simple moving average. The price dipped below the 50% Fib retracement level of the upward move from the $0.1337 low to $0.1505 high. Besides, there was a break below a key bullish trendline with support near $0.1425 on the hourly chart of the DOGE/USD pair.
Dogecoin is now trading below the $0.1450 level and the 100-hour simple moving average. Bulls are now protecting the $0.140 support area and the 61.8% Fib retracement level of the upside from the $0.1337 low to the $0.1505 high.
If there is a new rise, the price may face resistance near the $0.1420 level. The next major resistance is near the $0.1450 level. A close above the $0.1450 resistance could send the price to the $0.150 resistance. Any further gains could send the price to the $0.1632 level. The next big stop for the bulls would be $0.1720.
More Losses in DOGE?
If the price of DOGE fails to gain momentum above the $0.1450 level, it may continue to decline. The first support on the downside is near the $0.140 level.
The next major support is near the $0.1375 level. If there is a break below the support of $0.1375, the price may fall further. In the mentioned scenario, the price may drop to the $0.130 level.
Technical References
Hourly MACD – The DOGE/USD MACD is now gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1400, $0.1375 and $0.1300.
Major Resistance Levels – $0.1450, $0.1500, and $0.1632.
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