DOGEUSD Dogecoin

Dogecoin extended losses and traded below the $0.1420 support zone against the US Dollar. DOGE is now recovering but facing key hurdles at $0.1450. DOGE price tested the $0.1360 support and started a recovery wave. The price is trading below the $0.1450 level and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $0.1430 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.1450 to move into a positive zone and start a fresh surge. Dogecoin Price Extends Losses After a close below $0.150, Dogecoin price extended losses and moved into a short-term bearish zone, like Bitcoin and Ethereum. There was a drop below the $0.1450 support zone. A low was formed at $0.1358 and DOGE is attempting a recovery wave. There was a minor increase above the $0.1420 resistance level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1538 swing high to the $0.1358 low. Dogecoin is still below the $0.1450 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1430 level. There is also a key bearish trend line forming with resistance at $0.1430 on the 4-hour chart of the DOGE/USD pair. The next major resistance is near the $0.1450 level and the 100 simple moving average (4 hours). It coincides with the 50% Fib retracement level of the downward move from the $0.1538 swing high to the $0.1358 low. Source: DOGEUSD on TradingView.com A close above the $0.1450 resistance might send the price toward the $0.1535 resistance. Any more gains might send the price toward the $0.1620 level. Another Decline In DOGE? If DOGE’s price fails to gain pace above the $0.1450 level, it could start another decline. Initial support on the downside is near the $0.140 level. The next major support is near the $0.1360 level. If there is a downside break below the $0.1360 support, the price could decline further. In the stated case, the price might decline toward the $0.1200 level. Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. 4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.1400, $0.1360 and $0.1200. Major Resistance Levels – $0.1430, $0.1450, and $0.1535.