Dogecoin Price Faces Rejection

Dogecoin started a fresh increase and climbed above the $0.2320 zone against the US Dollar. DOGE is now correcting gains and approaching $0.2180.

Dogecoin price recovered above the $0.2200 zone and faced fresh sellers. It traded above the 0.2320 zone but failed to sustain gains above the 0.2380 level.

Dogecoin Price Still Weak

Dogecoin price continues to struggle to gain any momentum despite Bitcoin and Ethereum showing some strength. On Wednesday, DOGE traded in a range and faced another rejection above the 0.2320 zone.

Dogecoin price is trading above the 50% Fib retracement level of the upward move from the 0.2109 swing low to the 0.2370 swing high. It is also trading above the 100-hourly simple moving average. However, the bears are active above the 0.2300 level and the 200-hourly SMA.

The next major resistance for the bulls is at 0.2320. A move above the 0.2380 resistance might push the price toward the 0.2500 resistance. Any further gains might encounter strong selling pressure at the 0.2720 level. The next major stop for the bulls could be at 0.2850.

More Downsides Possible

On the other hand, if DOGE fails to break above the 0.2320 level, it could start another decline. The first major support on the downside is at 0.2200.

The next key support is at 0.2170 and the 76.4% Fib retracement level of the upward move from the 0.2109 swing low to the 0.2370 swing high. The main support is at 0.2120.

A downside break below the 0.2120 support could open the door for more losses. In that case, the price might decline toward the 0.2000 level or even 0.1880 in the coming sessions.

Technical Indicators

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 – 0.220 and 0.2120.

Major Resistance Levels – 0.2320 and 0.2380.