The Dogecoin exchange rate against the US dollar has returned to the support range of $0.30. At present, Dogecoin is in a consolidation state. Once it breaks through the resistance level of $0.3165, it is expected to gain upward momentum.
The DOGE price has started a downward trend again and has now fallen to the $0.300 level.
The price is not only below $0.320 but also below the 100 hourly simple moving average.
There is a coherent bearish trend line formed with resistance at $0.3165 on the hourly chart of DOGE/USD.
The price is likely to gain upside momentum if it clears the $0.3165 and $0.320 resistance levels.
Dogecoin price revisits support level
Dogecoin price, like Bitcoin and Ethereum, started a downward trend from well above $0.3350.
At present, the transaction price of Dogecoin not only fell below the two support levels of US$0.3250 and US$0.320, but even fell below US$0.3120 at one point.
The low was $0.3081 and at the moment the price is stabilizing, recovering some of the lost ground and climbing above $0.3150.
The price also tested the 23.6% Fibonacci retracement level of the downward move from the $0.3427 high to $0.3081 low.
The current price of Dogecoin is below $0.320 and the 100 hourly simple moving average, and the nearby upward resistance level is around $0.3165.
There is a coherent bearish trend line in place with resistance also at $0.3165 on the hourly chart of DOGE/USD.
For the bulls, the first key resistance is near the $0.3250 level, which is the 50% Fibonacci retracement level of the downward move from the $0.3427 swing high to $0.3081 low.
The next key resistance is near $0.3295. If the price closes above this level, the price could move towards the $0.350 resistance.
If the price continues to rise, it may drop to $0.3680. The next key stop loss for the bulls will most likely be set at $0.40.
DOGE drops again?
If the DOGE price fails to break through $0.3165, it will most likely fall again.
The initial downside support is around $0.3120, followed by the next key support near $0.3080.
The most critical support level is $0.30. Once it falls below this support level, the price may continue to fall. In this case, the price may drop to $0.2850 or even $0.2620 in the short term.
Technical indicators
Hourly MACD – The MACD indicator for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI value for the DOGE/USD pair is now trading below the 50 level.
Key Support Levels – $0.3080 and $0.3000.
Key Resistance Levels – $0.3165 and $0.3250.