Dogecoin Bears Return: Indicators Point to Greater Losses in DOGE

Dogecoin began another decline from the resistance zone at $0.1285 against the US dollar. DOGE is consolidating and may resume declines below $0.1220.

DOGE price is moving below the $0.1250 support zone.
The price is below the $0.1250 level and the 100-hour plain moving average.
A key ascending channel or bear flag formation is forming on the hourly chart of DOGE/USD with support near USD 0.1220 (data source from Kraken).
The price needs to stabilize above $0.1260 and $0.1285 to gain bullish momentum and start a modern rally.

Dogecoin price drops again

After a decent wave of recovery, Dogecoin price encountered resistance near the $0.1285 zone. DOGE did not continue its gains and started a modern decline with a high of $0.1285, just like Bitcoin and Ethereum.

There has been a move below the $0.1250 support level and the 100-hour plain moving average. The price fell below the 23.6% Fib retracement level resulting from an upward move from a low of $0.1129 to a high of $0.1285. However, bulls are currently lively near the $0.1220 zone.

Dogecoin is currently trading below the $0.1250 level and the 100-hour plain moving average. There is also a key ascending channel or bear flag formation with support near $0.1220 on the hourly chart of the DOGE/USD pair.

If a modern rally occurs, the price may face resistance near the $0.1260 level. The next major resistance is near the $0.1285 level. A close above the resistance at $0.1285 could push the price towards the resistance at $0.1350. Any further gains could push the price towards the $0.1420 level. The next major stop for bulls could be $0.150.

More losses at DOGE?

If DOGE price fails to gain momentum above the $0.1285 level, it may continue to decline. Initial downside support is near the $0.1220 level.

The next crucial support is near the $0.1185 level. If there is a break below the support at $0.1185, the price may decline further. In the given case, the price may fall towards the level of USD 0.1120.

Technical indicators

Hourly MACD – The MACD for DOGE/USD is currently gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is currently below the 50 level.

Major support levels – $0.1220, $0.1185 and $0.1120.

Major resistance levels – $0.1260, $0.1285 and $0.1320.