Dogecoin has recently revisited the $0.30 support zone against the US Dollar and is now consolidating its position. In order to gain traction, DOGE will need to clear the $0.3165 resistance level. The price of DOGE started declining again and fell towards the $0.300 level. It is currently trading below the $0.320 level and the 100-hourly simple moving average. A connecting bearish trend line is forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair.
The price of Dogecoin has begun a fresh decline from its position above $0.3350, following the trend of Bitcoin and Ethereum. It dipped below key support levels at $0.3250 and $0.320, even hitting below $0.3120 at one point. The price reached a low of $0.3081 and is currently consolidating its losses. There has been a slight recovery as it climbs above $0.3150, testing the 23.6% Fib retracement level of the downward move from $0.3427 to $0.3081. However, it remains below the $0.320 level and the 100-hourly simple moving average.
If DOGE can surpass the $0.3165 resistance level and $0.320 resistance levels, it may gain momentum. The next major resistance levels are at $0.3250, $0.3295, and potentially $0.350. Further gains could lead the price towards $0.3680 and even $0.40. On the flip side, if the price fails to climb above $0.3165, it could start another decline. Initial support is at $0.3120, followed by $0.3080, and the critical support level at $0.30. A break below $0.300 could trigger further downside towards $0.2850 or $0.2620 in the near future.
In terms of technical indicators, the hourly MACD for DOGE/USD is showing signs of losing momentum in the bearish zone, while the hourly RSI is below the 50 level. Major support levels for Dogecoin are at $0.3080 and $0.3000, with major resistance levels at $0.3165 and $0.3250. Traders and investors are closely watching these levels to determine the short-term direction of DOGE’s price movements. Overall, Dogecoin remains in a consolidation phase, with potential for both upward and downward movements depending on the key resistance and support levels.
