Dogecoin's recent dip below the $0.400 support level against the US Dollar marks a significant turn. Currently residing around the $0.3750 support, there remains potential for a rebound in the near term.
The cryptocurrency experienced a notable decline after slipping under $0.420. It is now positioned beneath the $0.40 benchmark and the 100-hourly simple moving average. A descending trendline is manifesting resistance near $0.4260 on the DOGE/USD hourly chart, as per Kraken data. Surpassing the $0.420 and $0.4250 resistance thresholds could revive buying momentum.
The price shifted from its previous highs, echoing movements in Bitcoin and Ethereum, as it dove beneath the critical $0.4120 and $0.400 marks. A brief fall below $0.3880 resulted in a low of $0.3749, leading to a period of loss consolidation. The cryptocurrency then managed a partial recovery, surpassing $0.3850, and hovered around the 23.6% Fib retracement from the previous peak of $0.4777 to the recent low. Recently, Dogecoin's price remained trapped under $0.4250 and beneath the 100-hour moving average, facing immediate resistance around $0.4080. Significant resistance looms at $0.4250 for bullish traders. An additional bearish trendline suggests resistance at $0.4260, aligned with the 50% Fib retracement level of the previous downturn.
A prominent obstacle resides near $0.4550. A sustained price above this could channel growth toward $0.4650 and potentially $0.5000. If bullish momentum persists, $0.5200 emerges as the subsequent strategic goal.
Should DOGE fail to surpass $0.4250, another downturn might emerge. Initial support is positioned around $0.3880, with substantial backup near $0.3750. A critical support exists at $0.3650, posing a potential threat. A breach could propel the price downward toward $0.3420 or even $0.3250 in the short run.
The MACD currently shows bearish momentum for DOGE/USD. Moreover, the RSI hovers below the 50-mark, reinforcing a cautious approach. Key support levels include $0.3880 and $0.3750, with significant resistance at $0.4080 and $0.4250.