Dogecoin (DOGE) Cools Off — Buyers Struggle To Sustain Recovery Above Key Levels

Dogecoin struggled to rise above $0.210 and corrected some gains against the US ￰0￱ is now consolidating and might decline below $0.1980. DOGE price started a fresh downside correction below $0.2035. The price is trading below the $0.20 level and the 100-hourly simple moving ￰1￱ was a break below a contracting triangle with support at $0.20 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could aim for a fresh increase if it remains stable above $0.1940.

Dogecoin Price Starts Another Pullback Dogecoin price started a fresh increase after it settled above $0.1920, like Bitcoin and ￰2￱ climbed above the $0.20 resistance to enter a positive ￰3￱ bulls were able to push the price above $0.2020 and $0.2050. A high was formed at $0.2094 and the price is now correcting ￰4￱ was a move below the 23.6% Fib retracement level of the upward move from the $0.1843 swing low to the $0.2094 high. Besides, there was a break below a contracting triangle with support at $0.20 on the hourly chart of the DOGE/USD ￰5￱ price is now trading below the $0.20 level and the 100-hourly simple moving ￰6￱ there is another increase, immediate resistance on the upside is near the $0.2020 ￰7￱ first major resistance for the bulls could be near the $0.2050 ￰8￱ next major resistance is near the $0.210 level.

A close above the $0.210 resistance might send the price toward $0.2150. Any more gains might send the price toward $0.2250. The next major stop for the bulls might be $0.2320. More Losses In DOGE?

If DOGE’s price fails to climb above the $0.2020 level, it could start a downside ￰9￱ support on the downside is near the $0.1970 level and the 50% Fib retracement level of the upward move from the $0.1843 swing low to the $0.2094 ￰10￱ next major support is near the $0.1935 ￰11￱ main support sits at $0.190. If there is a downside break below the $0.190 support, the price could decline ￰12￱ the stated case, the price might slide toward the $0.1840 level or even $0.1780 in the near ￰13￱ Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish ￰14￱ RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 ￰15￱ Support Levels – $0.1970 and $0.1935.

Major Resistance Levels – $0.2020 and $0.2050.