Dogecoin (DOGE) Cools Off — Buyers Struggle To Sustain Recovery Above Key Levels

Dogecoin struggled to rise above $0.210 and corrected some gains against the US Dollar. DOGE is now consolidating and might decline below $0.1980.

• DOGE price started a fresh downside correction below $0.2035.
• The price is trading below the $0.20 level and the 100-hourly simple moving average.
• There was a break below a contracting triangle with support at $0.20 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 $0.1940.

Dogecoin price started a fresh increase after it settled above $0.1920, like Bitcoin and Ethereum. DOGE climbed above the $0.20 resistance to enter a positive zone.

The bulls were able to push the price above $0.2020 and $0.2050. A high was formed at $0.2094 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1843 swing low to the $0.2094 high.

Besides, there was a break below a contracting triangle with support at $0.20 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.20 level and the 100-hourly simple moving average.

If there is another increase, immediate resistance on the upside is near the $0.2020 level. The first major resistance for the bulls could be near the $0.2050 level. The next major resistance is near the $0.210 level. A close above the $0.210 resistance might send the price toward $0.2150. Any more gains might send the price toward $0.2250. The next major stop for the bulls might be $0.2320.

If DOGE’s price fails to climb above the $0.2020 level, it could start a downside correction. Initial support on the downside is near the $0.1970 level and the 50% Fib retracement level of the upward move from the $0.1843 swing low to the $0.2094 high. The next major support is near the $0.1935 level.

The main support sits at $0.190. If there is a downside break below the $0.190 support, the price could decline further. In the stated case, the price might slide toward the $0.1840 level or even $0.1780 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 – $0.1970 and $0.1935.

Major Resistance Levels – $0.2020 and $0.2050.