Dogecoin corrected gains and tested the $0.150 zone against the US dollar. DOGE is currently forming a base and may start a up-to-date rally above $0.1520.
- DOGE price jumped towards $0.160 before correcting gains.
- The price is above the $0.150 level and the 100-hour straightforward moving average.
- A key bullish trendline is forming on the hourly chart of DOGE/USD with support at $0.1485 (data source from Kraken).
- The price needs to stabilize above $0.1540 to enter the positive zone and start a up-to-date rally.
Dogecoin price maintains support
After steadily rising, Dogecoin price has encountered resistance near the $0.160 zone. The high was formed at $0.1594 before DOGE began a downward correction, similar to Bitcoin and Ethereum. There was a decline below the support zone at USD 0.1540.
The bottom has formed at $0.1488 and DOGE is currently consolidating ahead of its next move. Dogecoin continues to trade above the $0.150 level and the 100-hour straightforward moving average. A key uptrend line is also forming on the hourly chart of DOGE/USD with support at $0.1485.
On the other hand, the price is facing resistance near the USD 0.1515 level. It is near the 23.6% Fib retracement level, which is a downward move from the high of $0.1594 to the low of $0.1488.
The next major resistance is located near the $0.1540 level or the 50% Fib retracement level in a downward move from a high of $0.1594 to a low of $0.1488. A close above the $0.1540 resistance could push the price towards the $0.160 resistance. Any further gains could push the price towards the $0.1650 level. The next major stop for bulls could be $0.1720.
More losses at DOGE?
If DOGE price fails to gain momentum above the $0.1540 level, another decline could begin. Initial downside support is located near the $0.150 level and the trend line.
The next essential support is near the USD 0.1445 level. If there is a break below the support at $0.1445, the price may decline further. In the given case, the price may fall towards the level of USD 0.1350.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently above the 50 level.
Major support levels – $0.1500, $0.1445 and $0.1350.
Major resistance levels – $0.1515, $0.1540 and $0.1600.
