The Dogecoin exchange rate against the US dollar has returned to the key support range of $0.30 and is currently in a consolidation trend. Once it successfully breaks through the resistance level of $0.3165, it is expected to gain upward momentum and start a new round of trend changes.
DOGE price started declining again and traded towards the USD 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: Kraken).
The price is likely to gain momentum if it breaks the $0.3165 and $0.320 resistance levels.
Dogecoin price revisits support level
The price of Dogecoin, like Bitcoin and Ethereum, started to fall from well above $0.3350.
Its transaction price has fallen below the support levels of $0.3250 and $0.320, and even once fell below $0.3120, with the low point reaching $0.3081.
It is currently consolidating losses and the price recovered and climbed above $0.3150. It also tested the 23.6% Fibonacci retracement level of the downward move from the $0.3427 high to $0.3081 low.
The current Dogecoin price is below the $0.320 level and the 100 hourly simple moving average. The immediate upside resistance is around $0.3165.
There is also a bearish trend line forming on the hourly chart of the DOGE/USD pair with resistance also at $0.3165. The first key resistance for the bulls could be near $0.3250, 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 around $0.3295. If the price successfully closes above $0.3295, the price is likely to move towards the $0.350 resistance area.
If the rally continues, it could even touch $0.3680.
From the bulls’ perspective, the next important stop loss might be set at $0.40.
DOGE drops again?
If the DOGE price fails to break through the $0.3165 level, it may fall again.
The initial downside support is close to $0.3120, and the next major support is around $0.3080. The key support is $0.30. Once it breaks, the price will continue to fall, and may fall to $0.2850 or even $0.2620 in the short term.
From a technical perspective, the hourly MACD (DOGE/USD) is losing momentum in the bearish zone.
The hourly RSI (DOGE/USD) is now trading below the 50 level.
The main supports are $0.3080 and $0.3000.
The main resistance levels are $0.3165 and $0.3250.