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Doge's exchange rate against the US dollar began to decline again from the 0.20 USD area. Doge is currently consolidating its decline, and if it breaks through 0.180 USD, it may rebound.
- DOGE price starts to decline again, breaking below 0.1880 USD and 0.180 USD.
- Price is below the 0.1850 USD level and 100-hour simple moving average.
- On the hourly chart of DOGE/USD, a key bearish trend line is formed, with resistance at 0.1880 USD (data source: Kraken).
- If the price breaks below the 0.1680 USD area, a new round of decline may begin.
Doge Price Breaks Below Support Level
Doge's price began a new round of decline after failing to break through the 0.20 USD area like Bitcoin and Ethereum. Doge broke below the 0.1920 USD and 0.1880 USD levels.
Bears even pushed the price lower than 0.1750 USD. The low point was formed at 0.1687 USD, and the current price is consolidating its decline, below the 23.6% Fibonacci retracement level from the high of 0.2005 USD to the low of 0.1687 USD.
Doge's price is currently below 0.1850 USD and the 100-hour simple moving average. On the hourly chart of Doge/USD, a key bearish trend line is also formed, with resistance at 0.1880 USD.
The direct resistance on the upside is near 0.1760 USD. The first major resistance for bulls may be around 0.1840 USD. This level is close to the 50% Fibonacci retracement of the downward trend from the high of 0.2005 USD to the low of 0.1687 USD.
The next major resistance is near 0.1880 USD. If the closing price breaks through the 0.1880 USD resistance, it may push the price to the 0.20 USD resistance. If it rises further, it may push the price to 0.2050 USD. The next major stop loss for bulls may be 0.2120 USD.
Will DOGE's Losses Be Larger?
If Doge's price fails to break through 0.1850 USD, it may decline again. The initial support on the downside is near 0.1685 USD and near the trend line. The next major support is near 0.1650 USD.
The major support is at 0.1550 USD. If the support at 0.1550 USD is broken, the price may fall further. In this case, the price may fall to 0.1350 USD or even 0.1320 USD in the short term.
