Dogecoin Dips Again After Facing Resistance near the $0.1285 Zone

After a decent recovery wave, Dogecoin price faced resistance near the $0.1285 zone. DOGE failed to continue higher and started a fresh decline.

Dogecoin price started another decline from the $0.1285 resistance zone against the US Dollar. Now, DOGE is consolidating and might resume its decline below $0.1220.

After a decent recovery wave from the lower levels, Dogecoin price encountered resistance near the $0.1285 zone. Unlike Bitcoin and Ethereum, DOGE failed to continue higher and started a fresh decline from the $0.1285 high.

There was a strong bearish move below the $0.1250 support level and the 100-hourly simple moving average. The price also dipped below the 23.6% Fib retracement level of the upward move from the $0.1129 swing low to the $0.1285 high. However, the bulls are now showing some interest and buying activity near the $0.1220 zone.

On the hourly chart of the DOGE/USD pair, Dogecoin (DOGE) is now trading below the $0.1250 level and the 100-hourly simple moving average. Moreover, there is a key rising channel or a bearish flag pattern forming with support near $0.1220.

If there is any fresh increase, the price might face resistance near the $0.1260 level. The next major resistance is forming near the $0.1285 level. A close above the $0.1285 resistance might send the price toward the $0.1350 resistance.

Any more gains could send the price toward the $0.1420 level. The next major stop for the bulls might be at $0.150.

If DOGE’s price fails to gain pace above the $0.1285 level, it could continue to move down. In that case, the initial support on the downside is forming near the $0.1220 level.

The next major support is forming near the $0.1185 level. If there is a downside break below the $0.1185 support, the price could decline further. In the stated case, the price might decline toward the $0.1120 level.

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1220, $0.1185 and $0.1120

Major Resistance Levels – $0.1260, $0.1285, and $0.1320