Dogecoin Price Faces Resistance Near $0.270, May Start Another Decline

Dogecoin price started a recovery wave above the $0.240 zone against the US Dollar. DOGE is now consolidating and might face hurdles near $0.270.

Dogecoin price started a fresh decline from the $0.3450 resistance zone, like Bitcoin and Ethereum. Afterward, DOGE dipped below the $0.300 and $0.250 support levels. It even spiked below $0.220.

The price declined over 25% and tested the $0.20 zone. A low was formed at $0.20 and the price is now rising. There was a move above the 50% Fib retracement level of the downward wave from the $0.3415 swing high to the $0.20 low.

However, the bears are active near the $0.280 zone. Dogecoin price is now trading below the $0.270 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.260 level.

There is also a major bearish trend line forming with resistance at $0.260 on the hourly chart of the DOGE/USD pair. The first major resistance for the bulls could be near the $0.270 level. The next major resistance is near the $0.2850 level or the 61.8% Fib retracement level of the downward wave from the $0.3415 swing high to the $0.20 low.

A close above the $0.2850 resistance might send the price toward the $0.300 resistance. Any more gains might send the price toward the $0.320 level. The next major stop for the bulls might be $0.3420.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.270 level, it could start another decline. Initial support on the downside is near the $0.2420 level. The next major support is near the $0.2250 level.

The main support sits at $0.220. If there is a downside break below the $0.220 support, the price could decline further. In the stated case, the price might decline toward the $0.2020 level or even $0.200 in the near term.

Technical Indicators

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

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

Major Support Levels – $0.2420 and $0.2250.

Major Resistance Levels – $0.2700 and $0.2850.