Dogecoin (DOGE) Tries To Bounce – But Resistance Barrier Keeps Rally In Check

Dogecoin started a fresh decline below the $0.2550 zone against the US ￰0￱ is now correcting some losses and might face hurdles near $0.2550. DOGE price started a fresh decline below the $0.250 ￰1￱ price is trading below the $0.2540 level and the 100-hourly simple moving ￰2￱ is a bearish trend line forming with resistance at $0.2540 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if it stays below $0.2550 and $0.260. Dogecoin Price Attempts Recovery Dogecoin price started a fresh decline after it closed below $0.260, like Bitcoin and ￰3￱ declined below the $0.2550 and $0.2540 support ￰4￱ price even traded below $0.2420.

A low was formed near $0.2413, and the price recently attempted a recovery ￰5￱ was a move above the 50% Fib retracement level of the downward move from the $0.2609 swing high to the $0.213 low. However, the bears were active near the $0.2550 resistance and the Fib retracement level of the downward move from the $0.2609 swing high to the $0.213 low. Besides, there is a bearish trend line forming with resistance at $0.2540 on the hourly chart of the DOGE/USD ￰6￱ price is now trading below the $0.2550 level and the 100-hourly simple moving ￰7￱ there is a recovery wave, immediate resistance on the upside is near the $0.2540 ￰8￱ first major resistance for the bulls could be near the $0.2550 ￰9￱ next major resistance is near the $0.260 level.

A close above the $0.260 resistance might send the price toward the $0.2780 ￰10￱ more gains might send the price toward the $0.2840 ￰11￱ next major stop for the bulls might be $0.2920. More Losses In DOGE? If DOGE’s price fails to climb above the $0.2540 level, it could continue to move ￰12￱ support on the downside is near the $0.2475 ￰13￱ next major support is near the $0.240 ￰14￱ main support sits at $0.2320. If there is a downside break below the $0.2320 support, the price could decline ￰15￱ the stated case, the price might slide toward the $0.2120 level or even $0.2050 in the near ￰16￱ Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish ￰17￱ RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 ￰18￱ Support Levels – $0.2475 and $0.2400.

Major Resistance Levels – $0.2540 and $0.2600.