Dogecoin (DOGE) Derailed? Meme Coin Faces New Hurdles to Fresh Surge

Dogecoin began a contemporary decline from the $0.1700 zone in opposition to the US Greenback. DOGE is consolidating and may battle to get better above $0.1650.

• DOGE worth began a contemporary decline under the $0.1650 and $0.1600 ranges.
• The worth is buying and selling under the $0.1620 stage and the 100-hourly easy shifting common.
• There’s a connecting bearish development line forming with resistance at $0.1620 on the hourly chart of the DOGE/USD pair (knowledge supply from Kraken).
• The worth might prolong losses if it breaks the $0.1575 help zone.

Dogecoin Value Faces Rejection

Dogecoin worth began a contemporary decline after it did not clear $0.170, not like Bitcoin and Ethereum. DOGE dipped under the $0.1650 and $0.1600 help ranges.

The bears had been capable of push the worth under the $0.1585 help stage. It even traded near the $0.1575 help. A low was shaped at $0.1573 and the worth lately corrected some losses. There was a minor transfer above the 23.6% Fib retracement stage of the downward transfer from the $0.1693 swing excessive to the $0.1573 low.

Dogecoin worth is now buying and selling under the $0.1620 stage and the 100-hourly easy shifting common. Fast resistance on the upside is close to the $0.1620 stage. There’s additionally a connecting bearish development line forming with resistance at $0.1620 on the hourly chart of the DOGE/USD pair.

The primary main resistance for the bulls may very well be close to the $0.1635 stage and the 50% Fib retracement stage of the downward transfer from the $0.1693 swing excessive to the $0.1573 low.

The subsequent main resistance is close to the $0.1665 stage. A detailed above the $0.1665 resistance may ship the worth towards the $0.1700 resistance. Any extra good points may ship the worth towards the $0.1720 stage. The subsequent main cease for the bulls is perhaps $0.1800.

One other Decline In DOGE?

If DOGE’s worth fails to climb above the $0.1620 stage, it might begin one other decline. Preliminary help on the draw back is close to the $0.1575 stage. The subsequent main help is close to the $0.1540 stage.

The principle help sits at $0.1500. If there’s a draw back break under the $0.1500 help, the worth might decline additional. Within the said case, the worth may decline towards the $0.1420 stage and even $0.1350 within the close to time period.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for DOGE/USD is now under the 50 stage.

Main Help Ranges – $0.1575 and $0.1540.

Main Resistance Ranges – $0.1620 and $0.1665.

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