Dogecoin experienced a downward correction from the $0.180 zone against the US Dollar, testing $0.1420 and now showing signs of recovering losses. The cryptocurrency started to decline from the $0.180 resistance level and is currently trading below the $0.1650 level and the 100-hourly simple moving average.
A notable bearish trend line has formed with resistance at $0.1580 on the hourly chart of the DOGE/USD pair, indicating that clearing the $0.1550 and $0.1580 resistance levels could trigger a fresh increase in price. Following a failure to surpass the $0.180 resistance, similar to Bitcoin and Ethereum, Dogecoin fell below $0.1720 and $0.1650 support levels, reaching as low as $0.1422 before staging a recovery.
In an upward move, Dogecoin rose above the $0.150 resistance zone and the 23.6% Fib retracement level of the fall from $0.1790 to $0.1422. As of now, it is trading below the $0.1550 level and the 100-hourly simple moving average, with immediate resistance around $0.1550 and subsequent resistance around $0.1580. A crucial bearish trend line appears to be forming with resistance at $0.1580 on the hourly chart.
Successfully closing above the $0.1580 resistance might propel the price to the $0.1600 resistance, and further gains could push it toward $0.1650 or the 61.8% Fib retracement level of the descent from $0.1790 to $0.1422. The next significant target for bulls could be $0.1720.
However, if Dogecoin fails to break the $0.1550 resistance, it might undergo another decline. Initial support on the downside stands near $0.1480, with major support around $0.1420. Key support is positioned at $0.1400; a breach below this level could result in a drop to $0.1320 or possibly $0.1300 in the short term.
Technical indicators show the hourly MACD for DOGE/USD losing momentum in the bearish zone while the hourly RSI is now above the 50 level. Major support levels are identified at $0.1480 and $0.1420, with major resistance levels at $0.1550 and $0.1580.
