Dogecoin (DOGE) Plummets: Bears Take Full Control of the Market

Dogecoin started a major decline below the $0.3550 support against the US Dollar. DOGE is now consolidating and might struggle to recover above the $0.350 resistance.

• DOGE price started a fresh decline below the $0.3650 level.

• The price is trading below the $0.3550 level and the 100-hourly simple moving average.

• There is a connecting bearish trend line forming with resistance at $0.3550 on the hourly chart of the DOGE/USD pair (data source from Kraken).

• The price could struggle to start a fresh increase above the $0.3550 and $0.3650 resistance levels.

Dogecoin Price Dips Sharply

Dogecoin price started a fresh decline from well above $0.400 like Bitcoin and Ethereum. DOGE traded below the $0.380 and $0.3650 support levels. It even spiked below $0.320.

A low was formed at $0.30 and the price is now consolidating losses. It recovered some points and climbed above $0.320. It tested the 23.6% Fib retracement level of the downward move from the $0.4096 swing high to the $0.300 low.

Dogecoin price is now trading below the $0.3550 level and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $0.3550 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.3250 level. The first major resistance for the bulls could be near the $0.340 level. The next major resistance is near the $0.3550 level or the 50% Fib retracement level of the downward move from the $0.4096 swing high to the $0.300 low.

A close above the $0.3550 resistance might send the price toward the $0.3650 resistance. Any more gains might send the price toward the $0.380 level. The next major stop for the bulls might be $0.40.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.3550 level, it could start another decline. Initial support on the downside is near the $0.3050 level. The next major support is near the $0.3050 level.

The main support sits at $0.30. If there is a downside break below the $0.30 support, the price could decline further. In the stated case, the price might decline toward the $0.280 level or even $0.2620 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

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

Major Support Levels – $0.3050 and $0.3000.

Major Resistance Levels – $0.3400 and $0.3550.