Dogecoin Drops 10% Below $0.1820 Resistance

Dogecoin (DOGE) has recently experienced a decline, struggling to surpass the $0.1820 mark against the US Dollar. The cryptocurrency is currently consolidating losses and may recover if it manages to clear the $0.1750 resistance level.

DOGE's price started a fresh decline after failing to clear the $0.1820 zone, underperforming both Bitcoin and Ethereum. The price dropped below the $0.1800 and $0.1780 levels, with bears pushing it below the $0.170 level. A low was formed at $0.1641, and the price is now attempting to recover. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.1811 swing high to the $0.1641 low.

Dogecoin price is now trading below the $0.1780 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1725 level, close to the 50% Fib retracement level of the downward move from the $0.1811 swing high to the $0.1641 low. The first major resistance for the bulls could be near the $0.1750 level. The next major resistance is near the $0.1820 level. A close above the $0.1820 resistance might send the price toward the $0.1880 resistance. Any more gains might send the price toward the $0.200 level. The next major stop for the bulls might be $0.2120.

If DOGE’s price fails to climb above the $0.1750 level, it could start another decline. Initial support on the downside is near the $0.1680 level. The next major support is near the $0.1640 level. The main support sits at $0.1620. If there is a downside break below the $0.1620 support, the price could decline further. In the stated case, the price might decline toward the $0.150 level or even $0.1440 in the near term.

Technical indicators suggest that the MACD for DOGE/USD is now losing momentum in the bearish zone, while the RSI for DOGE/USD is now above the 50 level. Major support levels are at $0.1640 and $0.1620, while major resistance levels are at $0.1750 and $0.1800.