Dogecoin (DOGE) Struggles Again – Is Market Preparing For Another Sharp Drop?

Dogecoin started a fresh decline below the $0.250 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 $0.250 ￰1￱ price is trading below the $0.250 level and the 100-hourly simple moving ￰2￱ is a bearish trend line forming with resistance at $0.2450 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if there is a move below $0.230. Dogecoin Price Turns Red Dogecoin price started a fresh decline after it closed below $0.2550, like Bitcoin and ￰3￱ declined below the $0.250 and $0.2450 support ￰4￱ price even traded below $0.2350.

A low was formed near $0.230, and the price recently attempted a recovery ￰5￱ was a move above the 23.6% Fib retracement level of the main decline from the $0.2888 swing high to the $0.2302 low. However, the bears were active near the $0.250 resistance. Besides, there is a bearish trend line forming with resistance at $0.2450 on the hourly chart of the DOGE/USD ￰6￱ price is now trading below the $0.250 level and the 100-hourly simple moving ￰7￱ there is a recovery wave, immediate resistance on the upside is near the $0.2450 level and the trend ￰8￱ first major resistance for the bulls could be near the $0.250 ￰9￱ next major resistance is near the $0.260 ￰10￱ is close to the 50% Fib retracement level of the main decline from the $0.2888 swing high to the $0.2302 low.

A close above the $0.260 resistance might send the price toward the $0.2780 ￰11￱ more gains might send the price toward the $0.2840 ￰12￱ next major stop for the bulls might be $0.2920. More Losses In DOGE? If DOGE’s price fails to climb above the $0.2450 level, it could continue to move ￰13￱ support on the downside is near the $0.2320 ￰14￱ next major support is near the $0.230 ￰15￱ main support sits at $0.2250. If there is a downside break below the $0.2250 support, the price could decline ￰16￱ the stated case, the price might slide toward the $0.2120 level or even $0.2050 in the near ￰17￱ Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish ￰18￱ RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 ￰19￱ Support Levels – $0.2320 and $0.2300.

Major Resistance Levels – $0.2450 and $0.2500.