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.
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