Dogecoin (DOGE) Bleeds Further—Fresh Weekly Lows Test Investor Patience

Dogecoin started a fresh decline from the $0.180 zone against the US Dollar. DOGE is consolidating and might struggle to recover above $0.1680. DOGE price started a fresh decline below the $0.1750 and $0.170 levels. The price is trading below the $0.1680 level and the 100-hourly simple moving average. There was a break below a key bullish trend line forming with support at $0.170 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could extend losses if it breaks the $0.1550 support zone. Dogecoin Price Dips Again Dogecoin price started a fresh decline after it failed to clear $0.180, like Bitcoin and Ethereum . DOGE dipped below the $0.1750 and $0.1720 support levels. There was a break below a key bullish trend line forming with support at $0.170 on the hourly chart of the DOGE/USD pair. The bears were able to push the price below the $0.1620 support level. It even traded close to the $0.1550 support. A low was formed at $0.1555 and the price is now consolidating losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.180 swing high to the $0.1555 low. Dogecoin price is now trading below the $0.170 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1650 level. The first major resistance for the bulls could be near the $0.1680 level. It is near the 50% Fib retracement level of the downward move from the $0.180 swing high to the $0.1555 low. The next major resistance is near the $0.1740 level. A close above the $0.1740 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.1880 level. The next major stop for the bulls might be $0.1950. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.170 level, it could start another decline. Initial support on the downside is near the $0.160 level. The next major support is near the $0.1550 level. The main support sits at $0.150. If there is a downside break below the $0.150 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.120 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 above the 50 level. Major Support Levels – $0.1600 and $0.1550. Major Resistance Levels – $0.1680 and $0.1740.