Dogecoin extended its decline below the $0.070 support against the US Dollar. DOGE may continue to decline to the $0.0620 support zone.
- DOGE rose quickly and traded below the $0.072 support against the US dollar.
- The price is trading below the $0.0700 zone and the 100 moving average (4-hours).
- There is a key bearish trend line formed with resistance near $0.0698 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
- The pair could dive further towards the $0.062 support in the near term.
Dogecoin Bearish price signal
In the past few days, dogecoin saw a steady decline from the $0.080 resistance zone. DOGE reacted by dropping below the $0.0750 and $0.0720 support levels.
The decline is rising below the $0.072 level and the 100 simple moving average (4 hours). More importantly, there is a clear move below the $0.070 support zone, opening the door for a major decline. The price is currently trading below the $0.0700 zone and the 100 simple moving average (4 hours).
The price of Doge traded up to $0.0667 and is currently showing many bearish signs, bitcoin and ethereum alike. On the upside, the price faces resistance near the $0.0695 level.
The first major resistance is near the $0.0700 level. There is also a key bearish trend line formed with resistance near $0.0698 on the 4-hour chart of the DOGE/USD pair. The trend line is near the 23.6% Fib retracement level of the move down from the $0.0795 swing high to the $0.0667 low.
A clear move above the trend line could send the price to the $0.073 resistance. It is near the 50% Fib retracement level of the move down from the $0.0795 swing high to the $0.0667 low.
Source: DOGEUSD on TradingView.com
Another gain could send the price to the level of $0.0765 and the SMA of 100. The main resistance is seen near the zone of $0.080. A clear move above the $0.080 resistance could open the gate for a rally to the $0.100 level.
More Losses in DOGE?
If the price of DOGE cannot exceed the level of $0.070, it may continue to decline. Initial support on the downside is near the $0.0665 level.
The next major support is near the $0.062 level. If there is a downside break below the $0.0620 support, the price may fall again. In that case, the price could drop to the $0.060 level.
Technical Indicators
4-Hour MACD – MACD for DOGE/USD is currently gaining momentum in the bearish zone.
4-Hour RSI (Relative Strength Index) – The RSI for DOGE/USD is currently in the oversold zone.
Key Support Levels – $0.0665, $0.0662 and $0.0600.
Key Resistance Levels – $0.070, $0.0730 and $0.080.