Dogecoin (DOGE) Steadies Above Support: Can It Build Momentum?

Dogecoin revisited the $0.30 support zone against the US Dollar. DOGE is now consolidating and might gain traction if it clears the $0.3165 resistance.

• DOGE price started another decline and traded toward the $0.300 level.
• The price is trading below the $0.320 level and the 100-hourly simple moving average.
• There is a connecting bearish trend line forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could gain momentum if it clears the $0.3165 and $0.320 resistance levels.

Dogecoin Price Revisits Support

Dogecoin price started a fresh decline from well above $0.3350 like Bitcoin and Ethereum . DOGE traded below the $0.3250 and $0.320 support levels. It even spiked below $0.3120.

A low was formed at $0.3081 and the price is now consolidating losses. It recovered some points and climbed above $0.3150. It tested the 23.6% Fib retracement level of the downward move from the $0.3427 swing high to the $0.3081 low.

Dogecoin price is now trading below the $0.320 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.3165 level. There is also a connecting bearish trend line forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.3250 level or the 50% Fib retracement level of the downward move from the $0.3427 swing high to the $0.3081 low.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.3295 level. A close above the $0.3295 resistance might send the price toward the $0.350 resistance. Any more gains might send the price toward the $0.3680 level. The next major stop for the bulls might be $0.40.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.3165 level, it could start another decline. Initial support on the downside is near the $0.3120 level. The next major support is near the $0.3080 level.

The main support sits at $0.30. If there is a downside break below the $0.300 support, the price could decline further. In the stated case, the price might decline toward the $0.2850 level or even $0.2620 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 – $0.3080 and $0.3000.

Major Resistance Levels – $0.3165 and $0.3250.