Crypto Chaos: Dogecoin (DOGE) at Risk of More Losses as Market Volatility Spikes

Dogecoin started a fresh decline from the $0.1720 zone against the US Dollar. DOGE is consolidating and might struggle to recover above $0.1550.

• DOGE price started a fresh decline below the $0.1650 and $0.1550 levels.
• The price is trading below the $0.1600 level and the 100-hourly simple moving average.
• There is a connecting bearish trend line forming with resistance at $0.160 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it breaks the $0.1380 support zone.

Dogecoin Price Dips Again

Dogecoin price started a fresh decline after it failed to clear $0.1720, like Bitcoin and Ethereum. DOGE dipped below the $0.1650 and $0.1550 support levels.

The bears were able to push the price below the $0.150 support level. It even traded close to the $0.1280 support. A low was formed at $0.1296 and the price recently corrected some losses. There was a minor move above the 50% Fib retracement level of the downward move from the $0.1727 swing high to the $0.1296 low.

However, the bears were active near the $0.1560 resistance and the 61.8% Fib retracement level of the downward move from the $0.1727 swing high to the $0.1296 low. There is also a connecting bearish trend line forming with resistance at $0.160 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading below the $0.160 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1500 level. The first major resistance for the bulls could be near the $0.1550 level.

The next major resistance is near the $0.160 level. A close above the $0.160 resistance might send the price toward the $0.1720 resistance. Any more gains might send the price toward the $0.180 level. The next major stop for the bulls might be $0.1880.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.150 level, it could start another decline. Initial support on the downside is near the $0.1380 level. The next major support is near the $0.1320 level.

The main support sits at $0.1280. If there is a downside break below the $0.1280 support, the price could decline further. In the stated case, the price might decline toward the $0.1200 level or even $0.1120 in the near term.

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 – $0.1320 and $0.1280.

Major Resistance Levels – $0.1500 and $0.1550.