Dogecoin (DOGE) Falls Back Mildly — Support Just Below Could Trigger Fresh Upside

Dogecoin struggled to rise above $0.1850 and corrected some gains against the US Dollar. DOGE is now consolidating and might find bids near 0.1680.

• DOGE price started a fresh downside correction below $0.180.
• The price is trading below the $0.1780 level and the 100-hourly simple moving average.
• There was a break below a key bullish trend line with support at $0.1750 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could aim for a fresh increase if it remains stable above $0.1680.

Dogecoin price started a fresh increase after it settled above $0.1650, like Bitcoin and Ethereum. DOGE climbed above the $0.1750 resistance to enter a positive zone.

The bulls were able to push the price above $0.1800. A high was formed at $0.1859 and the price is now correcting gains. There was a move toward the 50% Fib retracement level of the upward move from the $0.1568 swing low to the $0.1859 high.

Besides, there was a break below a key bullish trend line with support at $0.1750 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.1780 level and the 100-hourly simple moving average.

If there is another increase, immediate resistance on the upside is near the $0.1760 level. The first major resistance for the bulls could be near the $0.180 level. The next major resistance is near the $0.1850 level. A close above the $0.1850 resistance might send the price toward $0.1920. Any more gains might send the price toward $0.20. The next major stop for the bulls might be $0.2120.

If DOGE’s price fails to climb above the $0.180 level, it could continue to move down. Initial support on the downside is near the $0.1715 level. The next major support is near the $0.170 level.

The main support sits at $0.1680 and the 61.8% Fib retracement level of the upward move from the $0.1568 swing low to the $0.1859 high. If there is a downside break below the $0.1680 support, the price could decline further. In the stated case, the price might slide toward the $0.1565 level or even $0.1520 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 – $0.1700 and $0.1680.

Major Resistance Levels – $0.1800 and $0.1850.