28 September 2023
Dogecoin is holding the key support at $0.0595 against the US Dollar. DOGE could start a fresh increase if there is a clear move above $0.062 and $0.0635.
DOGE started a fresh decline and retested the $0.0595 level against the US dollar.
The price is trading below the $0.062 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could struggle to clear the $0.0615 and $0.0620 resistance levels.
Dogecoin Price Holds Support
After struggling to clear the $0.0635, Dogecoin price started a fresh decline. DOGE declined below the $0.0612 level and even spiked below $0.060.
A low was formed near $0.0593 and is currently correcting losses, like Bitcoin and Ethereum. There was a move above the $0.0602 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low.
DOGE is now trading below the $0.0615 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0610 level. There is also a key bearish trend line forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair.
The first major resistance is near the $0.0615 level. It is near the 50% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low.
Source: DOGEUSD on TradingView.com
A close above the $0.0615 resistance might send the price toward the $0.0635 resistance. The next major resistance is near $0.0650. Any more gains might send the price toward the $0.0685 level.
Are Dips Supported in DOGE?
If DOGE’s price fails to gain pace above the $0.0612 level, it could start another decline. Initial support on the downside is near the $0.060 level.
The next major support is near the $0.0595 level. If there is a downside break below the $0.0595 support, the price could decline further. In the stated case, the price might decline toward the $0.055 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now near the 50 level.
Major Support Levels – $0.060, $0.0595, and $0.0550.
Major Resistance Levels – $0.0612, $0.0635, and $0.0650.