Dogecoin Drops 15% Below $0.2550 Resistance

Dogecoin (DOGE) has recently experienced a decline, starting from the $0.2540 zone against the US Dollar. The cryptocurrency is currently consolidating losses and may extend further below $0.2200. The price of DOGE has dropped below the $0.2420 and $0.2400 levels, and is now trading below the $0.240 level and the 100-hourly simple moving average. A connecting bullish trend line is forming with support at $0.2230 on the hourly chart of the DOGE/USD pair.

DOGE's price started a fresh decline after failing to clear the $0.2550 zone, unlike Bitcoin and Ethereum. The bears pushed the price below the $0.2200 level, forming a low at $0.2157. The price is now consolidating losses, with a minor increase above the 23.6% Fib retracement level of the downward move from the $0.2542 swing high to the $0.2157 low. Immediate resistance on the upside is near the $0.230 level, with the first major resistance for the bulls near the $0.2350 level. The next major resistance is near the $0.2420 level, and a close above this resistance might send the price toward the $0.2550 resistance. Any further gains might send the price toward the $0.2640 level, with the next major stop for the bulls at $0.280.

If DOGE’s price fails to climb above the $0.2350 level, it could start another decline. Initial support on the downside is near the $0.220 level and the trend line. The next major support is near the $0.2150 level, with the main support sitting at $0.2120. If there is a downside break below the $0.2120 support, the price could decline further, potentially toward the $0.20 level or even $0.1840 in the near term.

Technical indicators show that the MACD for DOGE/USD is now gaining momentum in the bearish zone, while the RSI for DOGE/USD is now below the 50 level. Major support levels are at $0.2200 and $0.2120, with major resistance levels at $0.2420 and $0.2550. The price could start a fresh increase if it clears the $0.230 resistance zone.