Dogecoin extended losses and traded below the $0.1350 resistance zone against the US Dollar. DOGE is now testing an important support at $0.1200.

  • DOGE gained bearish momentum below the $0.140 and $0.1350 levels against the US dollar.
  • The price is trading below the $0.1350 level and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance at $0.1350 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price must settle above $0.1420 to move into a positive zone and start a fresh surge.

Dogecoin Price Extends Losses

After a close below $0.150, Dogecoin price extended losses and moved into a short-term bearish zone, like Bitcoin and Ethereum. There was a drop below the $0.1350 support zone.

A low was formed at $0.1201 and DOGE is now consolidating losses. There was a minor recovery wave above the $0.1250 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.1640 swing high to the $0.1201 low.

However, the bears protected more gains above the $0.130 resistance. Dogecoin is also below the $0.1420 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.130 level.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1350 level. There is also a major bearish trend line forming with resistance at $0.1350 on the 4-hour chart of the DOGE/USD pair. The main hurdle is at $0.1420. A close above the $0.1420 resistance and the 50% Fib retracement level of the downward move from the $0.1640 swing high to the $0.1201 low might send the price toward the $0.1550 resistance. Any more gains might send the price toward the $0.1620 level.

More Losses in DOGE?

If DOGE’s price fails to gain pace above the $0.1350 level, it could start another decline. Initial support on the downside is near the $0.1220 level.

The next major support is near the $0.120 level. If there is a downside break below the $0.120 support, the price could decline further. In the stated case, the price might decline toward the $0.1040 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1240, $0.1200 and $0.1040.

Major Resistance Levels – $0.1300, $0.1350, and $0.1420.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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