Dogecoin started a downward correction compared to the $ 0.400 area compared to the US dollar. DOGE is currently consolidating and could try a new increase if it remains above $ 0.3,350.
- Doge’s price has started a new drop below $ 0.3880 and $ 0.3650.
- The price is negotiated below the level of $ 0.3,550 and the simple mobile average over 100 hours.
- A major downward trend line is formed with resistance at $ 0.3520 on the time graph of the DOGE/USD pair (Kraken data source).
- The price could initiate a new increase if it crosses the resistance levels of $ 0.3520 and $ 0.3550.
Dogecoin’s price decreases to support
The price of Dogecoin began a new drop compared to the resistance zone of $ 0.400, unlike Bitcoin and Ethereum. DOGE fell below support levels of $ 0.3,800 and $ 0.3650. He even climbed below $ 0.350.
A lower one was formed at $ 0.3,416 and the price now consolidates losses below the Fibonacci trace level of 23.6 % of the downward movement from the highest $ 0.4014 to the lowest $ 0.3,416. There is also a major downstream trend line which forms with resistance at $ 0.3520 on the time graph of the Doge/USD pair.
The price of Dogecoin is now negotiated below the level of $ 0.3,550 and the single mobile average over 100 hours. Immediate upward resistance is close to the level of $ 0.3520 and the trend line.
The first major resistance for bulls could be close to the level of $ 0.3,550. The next major resistance is close to the level of $ 0.3,3720 or the Fibonacci trace level of 50 % of the downward movement of $ 0.4014 at the lowest of $ 0.3,416.
A fence above the resistance of $ 0.3720 could send the price to the resistance of $ 0.3860. Any additional gain could raise the price to the level of $ 0.40. The next major stop for the bulls could be $ 0.420.
Another drop in Doge?
If the price of the DOGE fails to exceed the level of $ 0.3550, it could initiate a new drop. The initial downward support is close to the level of $ 0.3420. The next major support is close to the level of $ 0.3380.
The main support is at $ 0.3,250. If there is a lower break below the support of $ 0.3,250, the price could still drop. In the indicated case, the price could drop to the level of $ 0,3020, or even $ 0.300 in the short term.
Technical indicators
MacD Schedule – The MacD for Doge/USD is now growing in the lower area.
RSI Schedule (Relative Strength Index) – The RSI for Doge/USD is now lower than level 50.
Main support levels – $ 0.3,400 and $ 0.3380.
Major resistance levels – $ 0.3,550 and $ 0.3720.
