Dogecoin (DOGE) Weakens Again – Bulls On Alert As Downside Risks Resurface

Dogecoin started a fresh decline below the $0.260 zone against the US ￰0￱ is now consolidating and might dip further if it stays below $0.2550. DOGE price started a fresh decline below the $0.2550 ￰1￱ price is trading below the $0.2550 level and the 100-hourly simple moving ￰2￱ is a bearish trend line forming with resistance at $0.2570 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if there is a move below $0.2420. Dogecoin Price Trims Gains Dogecoin price started a fresh decline after it closed below $0.2620, like Bitcoin and ￰3￱ declined below the $0.260 and $0.2550 support ￰4￱ price even traded below $0.2450.

A low was formed near $0.2430, and the price recently attempted a recovery ￰5￱ was a move above the 50% Fib retracement level of the downward move from the $0.2701 swing high to the $0.2431 low. However, the bears were active near the $0.260 resistance and the 61.8% Fib retracement level of the downward move from the $0.2701 swing high to the $0.2431 low. Besides, there is a bearish trend line forming with resistance at $0.2570 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 $0.2550 ￰8￱ first major resistance for the bulls could be near the $0.2570 level and the trend ￰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 $0.2550 level, it could continue to move ￰12￱ support on the downside is near the $0.2470 ￰13￱ next major support is near the $0.2420 ￰14￱ main support sits at $0.2350. If there is a downside break below the $0.2350 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 bearish ￰17￱ RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 ￰18￱ Support Levels – $0.2420 and $0.2350.

Major Resistance Levels – $0.2550 and $0.2600.