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Dogecoin (DOGE) Bears Dominate — Price Action Suggests More Downside Ahead

Dogecoin struggled to rise above $0.2180 and corrected some good points in opposition to the US Dollar. DOGE is now consolidating and would possibly decline under $0.1920.

  • DOGE worth began a contemporary draw back correction under $0.2050.
  • The worth is buying and selling under the $0.240 degree and the 100-hourly easy shifting common.
  • There is a bearish pattern line forming with resistance at $0.2025 on the hourly chart of the DOGE/USD pair (information supply from Kraken).
  • The worth may goal for a contemporary improve if it stays steady above $0.1880.

Dogecoin Price Dips Again

Dogecoin worth began a contemporary improve after it settled above $0.20, like Bitcoin and Ethereum. DOGE climbed above the $0.2050 resistance to enter a optimistic zone.

The bulls had been in a position to push the value above $0.2120 and $0.2150. A high was fashioned at $0.2182 and the value is now correcting good points. There was a transfer under the 50% Fib retracement degree of the upward transfer from the $0.1788 swing low to the $0.2182 high.

Dogecoin worth is now buying and selling under the $0.2050 degree and the 100-hourly easy shifting common. Besides, there’s a bearish pattern line forming with resistance at $0.2025 on the hourly chart of the DOGE/USD pair.

If there may be one other improve, fast resistance on the upside is close to the $0.2025 degree. The first main resistance for the bulls may very well be close to the $0.2085 degree. The subsequent main resistance is close to the $0.2120 degree. A detailed above the $0.2120 resistance would possibly ship the value towards $0.2180. Any extra good points would possibly ship the value towards $0.2250. The subsequent main cease for the bulls may be $0.2320.

More Losses In DOGE?

If DOGE’s worth fails to climb above the $0.2085 degree, it may begin a draw back correction. Initial help on the draw back is close to the $0.1930 degree and the 61.8% Fib retracement degree of the upward transfer from the $0.1788 swing low to the $0.2182 high. The subsequent main help is close to the $0.1880 degree.

The predominant help sits at $0.1800. If there’s a draw back break under the $0.1800 help, the value may decline additional. In the acknowledged case, the value would possibly slide towards the $0.1665 degree and even $0.1650 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 Strength Index) – The RSI for DOGE/USD is now under the 50 degree.

Major Support Levels – $0.1930 and $0.1880.

Major Resistance Levels – $0.2085 and $0.2180.

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