TLDR
- DOGE trades below $0.170 and 100-hourly SMA, indicating bearish momentum.
- Price faces resistance at $0.1650 and $0.170, stalling recovery.
- DOGE formed a recent low near $0.1535 before minor rebound attempts.
- Key support levels lie at $0.1550, $0.1500, and $0.1380, risk of fall to $0.120.
DOGE dropped below the $0.180 level against the US Dollar and has been trading under key resistance levels since. After falling from a swing high of $0.1776, the cryptocurrency hit a low near $0.1535.
The move followed broader market weakness, with other major cryptocurrencies like Bitcoin and Ethereum also showing retracements. DOGE attempted to recover but remains below the $0.170 mark.
Resistance Near $0.1650 Blocks Recovery
There is now a bearish trend line on the hourly chart of DOGE/USD, with resistance near $0.1650. This level also coincides with the 50% Fib retracement from the recent decline. The price is still under the 100-hourly simple moving average, which suggests continued selling pressure.
DOGE has tried to move above $0.1620 but was pushed back by bears. A further recovery attempt would need a clear break above $0.1650 and then $0.170. Without this, upward momentum could remain limited.
Technical Structure Suggests Risk of Further Decline
Technical indicators are currently mixed. The hourly MACD is gaining pace in the bullish zone, which shows some buying interest. Meanwhile, the RSI for DOGE/USD has moved above the 50 level, suggesting temporary momentum.
However, unless the price crosses $0.170 and sustains gains, downside risks remain. If the price fails to climb above the trend line resistance at $0.1650, another leg down could follow in the coming sessions.
Key Support Levels to Watch in Case of a Decline
DOGE has support near the $0.1550 level, with the next critical level at $0.1500. If both supports are breached, the price might slide toward $0.1380. Below that, the next target for sellers could be $0.120 or even $0.1050 if market conditions weaken further.
Traders are watching these levels closely as DOGE attempts to find direction. As of now, it continues to signal a struggle to regain bullish strength.
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