Dogecoin (DOGE) Dips—Is the Upward Momentum Losing Strength?

Dogecoin has recently seen a decline as it slipped below the $0.1450 mark against the US Dollar. The cryptocurrency is currently consolidating its losses and may encounter obstacles around the $0.1420 region.

Key Takeaways

DOGE has recently declined below the $0.1450 support level.
The price is trading under $0.140 and is below the 100-hourly simple moving average.
A significant bullish trend line was breached on the DOGE/USD hourly chart.
Further losses could occur if DOGE remains below the $0.1420 and $0.1450 thresholds.

Dogecoin (DOGE) Dips

Dogecoin's Price Decline

Dogecoin's price has experienced a new decline after it fell below the $0.150 level, following a similar trend seen in Bitcoin and Ethereum. It broke below the $0.1450 and $0.1420 support levels.

Crucially, the cryptocurrency broke below a key bullish trend line that had support at $0.1450, visible on the hourly chart for the DOGE/USD pair. The price even dipped below $0.140, forming a low near $0.1372. Currently, Dogecoin displays bearish characteristics beneath the 23.6% Fibonacci retracement level derived from the decline from the $0.1531 peak to the $0.1372 low.

At present, Dogecoin is trading below $0.140 and the 100-hourly simple moving average. If a recovery occurs, immediate upside resistance is encountered near the $0.1410 level. The first significant resistance for bullish traders may be situated around $0.1450, corresponding to the 50% Fibonacci retracement level from the downturn of $0.1531 to $0.1372.

Dogecoin Price Chart
Source: DOGEUSD on TradingView.com

The next notable resistance level is positioned around $0.1495. A closure above this resistance level might propel the price toward the $0.1530 mark. Further gains could send Dogecoin to the $0.1550 level, with potential upside targeting $0.1620 for bullish traders.

Are More Losses in Store for DOGE?

Should DOGE's price fail to surge above the $0.1450 mark, it may continue to drop potentially. Initial downside support is observed near the $0.1375 level, with the next major support lying around $0.1350.

The key support threshold is set at $0.1330. Should the price break down past the $0.1320 support, it might continue to decline, possibly reaching $0.1250 or even $0.1240 in the short term.

Technical Indicators

Hourly MACD: The MACD for DOGE/USD is building momentum within the bearish territory.
Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently below the 50 level.

Major Support Levels: $0.1350 and $0.1250
Major Resistance Levels: $0.1420 and $0.1450