Dogecoin corrected gains and tested the $0.1620 zone against the US Dollar. DOGE is now forming a base and could begin a further rise above $0.1680.
- DOGE price fell and tested key support at $0.1620.
- The price is trading below the $0.1650 level and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $0.1685 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price must stay above $0.170 to enter a positive zone and start a new rally.
Dogecoin Price Maintains Support
After a steady rise, Dogecoin price faced resistance near the $0.1750 zone. The recent swing high was formed at $0.1705 before DOGE began a negative correction as Bitcoin It is Ethereum. There was a drop below the $0.1650 support zone.
A low was formed at $0.1620 and DOGE is now consolidating for the next move. Dogecoin is now trading below the $0.1650 level and the 100 hourly simple moving average. On the upside, the price faces resistance near the $0.1664 level. It is near the 50% Fib retracement level of the downward movement from the $0.1705 high to $0.1620 low.
The next major resistance is near the $0.1685 level or the 76.4% Fibonacci retracement level of the downward move from the $0.1705 high to $0.1620 low. There is also a bearish trend line forming with resistance at $0.1685 on the hourly chart of the DOGE/USD pair.
![Dogecoin's Rally Ride: DOGE Hang in there or get ready to bark! 1 Dogecoin Price](https://thegurumedia.com/wp-content/uploads/2024/05/Doegcoin-DOGE_458b6f.png)
A close above the $0.1685 resistance could send the price towards the $0.1725 resistance. Any further gains could send the price towards the $0.1750 level. The next big stop for the bulls could be at $0.1800.
More losses on DOGE?
If DOGE price fails to gain pace above the $0.1685 level, it could begin another decline. Initial downside support is near the $0.1620 level.
The next major support is near the $0.1550 level. If there is a break below the $0.1550 support, the price could fall further. In the stated case, the price may fall towards the $0.1520 level.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Key support levels – $0.1620, $0.1550 and $0.1520.
Main resistance levels – $0.1660, $0.1685 and $0.1720.