Dogecoin (DOGE) Bulls In Trouble—Can They Prevent a Drop Below $0.15?

Dogecoin started a fresh decline from the $0.1880 zone against the US Dollar. DOGE is declining and might test the $0.150 support zone.

• DOGE price started a fresh decline below the $0.1850 and $0.1750 levels.
• The price is trading below the $0.1750 level and the 100-hourly simple moving average.
• There is a key bearish trend line forming with resistance at $0.170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it breaks the $0.1620 support zone.

Dogecoin Price Dips Further

Dogecoin price started a fresh decline after it failed to clear $0.200, like Bitcoin and Ethereum. DOGE dipped below the $0.1880 and $0.1820 support levels.

The bears were able to push the price below the $0.1750 support level. It even traded close to the $0.1620 support. A low was formed at $0.1628 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $0.2057 swing high to the $0.1628 low.

Dogecoin price is now trading below the $0.1750 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.170 level. There is also a key bearish trend line forming with resistance at $0.170 on the hourly chart of the DOGE/USD pair.

The first major resistance for the bulls could be near the $0.1730 level. The next major resistance is near the $0.1770 level. A close above the $0.1770 resistance might send the price toward the $0.1850 resistance.

The 50% Fib retracement level of the downward move from the $0.2057 swing high to the $0.1628 low is also near the $0.1850 zone. Any more gains might send the price toward the $0.1880 level. The next major stop for the bulls might be $0.1950.

More Losses In DOGE?

If DOGE’s price fails to climb above the $0.1770 level, it could start another decline. Initial support on the downside is near the $0.1635 level. The next major support is near the $0.1620 level.

The main support sits at $0.1550. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.120 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 – $0.1620 and $0.1550.

Major Resistance Levels – $0.1720 and $0.1770.