Dogecoin has recently revisited the $0.30 support range against the US dollar, following a downward trend in its price. Currently, DOGE is undergoing a consolidation phase, and there is potential for upward movement if it successfully surpasses the $0.3165 resistance level.
The decline in Dogecoin’s price began from levels over $0.3350, resembling the movements of other major cryptocurrencies like Bitcoin and Ethereum . As the price dipped, it fell below the $0.320 support and even touched a low of $0.3081. After experiencing these losses, the price slightly rebounded, climbing back above the $0.3150 mark, marking a testing of the 23.6% Fibonacci retracement level from the previous downtrend.
At present, Dogecoin trades below the $0.320 threshold and under the 100-hourly simple moving average. Immediate resistance lies at the $0.3165 level, coinciding with a bearish trend line on the hourly chart for the DOGE/USD pair. Should the price overcome this resistance, the next significant hurdle for buyers could be around the $0.3250 level or the 50% Fibonacci retracement from the observed downtrend.
The next major resistance level after $0.3250 is located at $0.3295. A successful closure above this could potentially propel the price towards $0.350 and even $0.3680. Support levels, however, remain crucial; if Dogecoin cannot breach the $0.3165 level, it may face another decline. Immediate support stands at $0.3120, with further support zones at $0.3080 and the critical $0.300 level. A break below $0.300 might lead to steeper declines toward $0.2850 or $0.2620.
In terms of technical indicators, the hourly MACD is showing diminished momentum in the bearish region, while the Relative Strength Index (RSI) has dropped beneath the neutral 50 mark, suggesting a cautious outlook for Dogecoin’s price in the immediate future.
