Dogecoin (DOGE) Under Pressure—Bearish Setup Could Trigger Sell-Off

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Dogecoin started a fresh decline from the $0.1680 zone against the US Dollar. DOGE is consolidating and might extend losses below the $0.150 support.

• DOGE price started a fresh decline below the $0.1620 and $0.1580 levels.
• The price is trading below the $0.1600 level and the 100-hourly simple moving average.
• There is a short-term rising channel or a bearish flag forming with support at $0.1540 on the hourly chart of the DOGE/USD pair (data source from Kraken).
• The price could extend losses if it breaks the $0.1520 support zone.

Dogecoin Price Turns Red

Dogecoin price started a fresh decline after it failed to clear $0.1680, like Bitcoin and Ethereum. DOGE dipped below the $0.1620 and $0.1600 support levels.

The bears were able to push the price below the $0.1550 support level. It even traded close to the $0.1500 support. A low was formed at $0.1504 and the price recently corrected some losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.1694 swing high to the $0.1504 low.

Dogecoin price is now trading below the $0.1600 level and the 100-hourly simple moving average. Besides, there is a short-term rising channel or a bearish flag forming with support at $0.1540 on the hourly chart of the DOGE/USD pair.

Immediate resistance on the upside is near the $0.1580 level. The first major resistance for the bulls could be near the $0.1600 level and the 50% Fib retracement level of the downward move from the $0.1694 swing high to the $0.1504 low.

Source: DOGEUSD on TradingView.comThe next major resistance is near the $0.1620 level. A close above the $0.1620 resistance might send the price toward the $0.1700 resistance. Any more gains might send the price toward the $0.1720 level. The next major stop for the bulls might be $0.1800.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.1600 level, it could start another decline. Initial support on the downside is near the $0.1540 level. The next major support is near the $0.1520 level.

The main support sits at $0.1500. If there is a downside break below the $0.1500 support, the price could decline further. In the stated case, the price might decline toward the $0.1420 level or even $0.1350 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 – $0.1540 and $0.1500.

Major Resistance Levels – $0.1600 and $0.1620.