Dogecoin Price Dives 30% as DOGE Struggles to Stay Afloat

Dogecoin price started a fresh decline from the $0.3250 resistance zone, like Bitcoin and Ethereum. DOGE dipped below the $0.300 and $0.2750 support levels.

Dogecoin (DOGE) price declined heavily below the $0.280 support against the US Dollar. DOGE is now recovering and might face hurdles near $0.270.

Dogecoin Price Dives 30%

DOGE/USD began a fresh decline from the $0.3250 resistance zone, like BTC and ETH. It dipped below the $0.300 and $0.2750 support levels. It even spiked below $0.220 at one point in time.

The price declined more than 25%, testing the $0.20 zone. A low was formed at $0.20, from where the price is now rising. There was a move above the 23.6% Fib retracement level of the downward move from the $0.3416 swing high to the $0.20 low.

Now, Dogecoin price is trading above the $0.280 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.250 level. The first major resistance for the bulls could be near the $0.260 level.

The next major resistance is close to the $0.270 level or the 50% Fib retracement level of the downward move from the $0.3416 swing high to the $0.20 low. There is also a major bearish trend line forming with resistance at $0.270 on the hourly chart of the DOGE/USD pair.

A close above the $0.270 resistance could send the price toward the $0.2880 resistance. Any further gains may send the price toward the $0.30 level. The next major stop for the bulls could be at $0.320.

Another Decline In DOGE?

If the price fails to climb above the $0.250 level, it could begin another decline. Initial support on the downside is close to the $0.2250 level. The next major support is around the $0.2150 level.

The main support sits at $0.20. If there is a downside break below the $0.20 support, the price could decline further. In the stated case, the price might decline toward the $0.1880 level or even $0.1650 in the near term.

Technical Indicators

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

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.2250 and $0.2150.

Major Resistance Levels – $0.2500 and $0.2700.