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DOGE Price Prediction – Dogecoin Below $0.14 Could Spark Larger Degree Drop

Dogecoin is struggling to rise above the $0.1650 resistance zone against the US Dollar. DOGE could decline heavily if it settles below the $0.140 support.

  • DOGE is facing many hurdles near the $0.1650 and $0.170 levels against the US dollar.
  • The price is trading below the $0.1620 level and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price must settle above $0.170 to move into a positive zone and start a fresh surge.

Dogecoin Price Signals Downturn

After a major decline, Dogecoin price started a recovery wave from the $0.1280 zone. A low was formed at $0.1283 and DOGE climbed above $0.1350, like Bitcoin and Ethereum.

There was a move above the $0.1385 and $0.140 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. However, the bears protected more gains above the $0.170 resistance.

The price failed to test the 50% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. There is also a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair.

Dogecoin is also below the $0.160 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1680 level. The main hurdle is at $0.170. A close above the $0.170 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.20 level.

More Losses in DOGE?

If DOGE’s price fails to gain pace above the $0.160 level, it could start another decline. Initial support on the downside is near the $0.1475 level.

The next major support is near the $0.1400 level. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level.

Technical Indicators

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

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

Major Support Levels – $0.1475, $0.1400 and $0.1200.

Major Resistance Levels – $0.1600, $0.1680, and $0.1700.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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