Dogecoin Price Turns Red

Dogecoin price started a fresh decline after it failed to surpass $0.40, like Bitcoin and Ethereum. DOGE declined below the $0.3650 and $0.350 support levels to enter a short-term bearish zone.

Dogecoin price started a fresh decline after it failed to clear the $0.40 resistance, like Bitcoin and Ethereum. Now, DOGE is trading below the $0.350 zone against the US Dollar.

Essential Points:

• A Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low is pivoting the price action.

• If the price clears the $0.3350 resistance, it might attempt to revisit the $0.350 zone.

• Conversely, a failure to clear the $0.3350 resistance may lead to another decline, with initial support at $0.320.

Dogecoin Price Analysis: Overview

Dogecoin price witnessed a strong decline from the $0.40 resistance. Afterward, like BTC and ETH, DOGE declined below the $0.3650 and $0.350 support levels to enter a short-term bearish zone.

The price declined and moved below the $0.3250 support. It found a low at $0.3143, from where the price began an attempt at a recovery wave.

The price moved above the $0.3250 resistance, but it still trades below the 23.6% Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low.

Moreover, the 100-hourly simple moving average and the $0.340 level are providing immediate resistance on the upside. There is also a connecting bearish trend line forming with resistance at $0.3350 on the hourly chart of the DOGE/USD pair.

Relative Strength Index (RSI, 14) is below the 50 level, and the Moving Average Convergence Divergence (MACD) is about to cross into the bearish zone. A close below the 200-hourly simple moving average at $0.330 on the 4-hour time frame may push the price toward the $0.3150 support.

If the price fails to climb above the $0.3350 level, it could begin another decline. In this case, the initial support on the downside is around the $0.320 level. Afterward, the next major support is near the $0.3150 level.

The main support sits at $0.30. If there is a downside break below the $0.30 support, the price could decline further. In the stated case, the price might decline toward the $0.2850 level or even $0.2720 in the near term.

On the other hand, a Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low is pivoting the price action.

The first major resistance for the bulls could be near the $0.340 level. The next major resistance is near the $0.350 level or the 50% Fib retracement level of the downward move from the $0.3981 swing high to the $0.3143 low.

A close above the $0.350 resistance might send the price toward the $0.3620 resistance. Any further gains may send the price toward the $0.380 level. The next major stop for the bulls might be $0.40.