Dogecoin Price (DOGE) Prediction – Key Support Intact But Bulls Face Challenges

Dogecoin is holding the key support at $0.0595 against the US Dollar. DOGE could start a fresh increase if there is a clear move above $0.062 and $0.0635. DOGE started a fresh decline and retested the $0.0595 level against the US dollar. The price is trading below the $0.062 level and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could struggle to clear the $0.0615 and $0.0620 resistance levels. Dogecoin Price Holds Support After struggling to clear the $0.0635, Dogecoin price started a fresh decline. DOGE declined below the $0.0612 level and even spiked below $0.060. A low was formed near $0.0593 and is currently correcting losses, like Bitcoin and Ethereum. There was a move above the $0.0602 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low. DOGE is now trading below the $0.0615 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.0610 level. There is also a key bearish trend line forming with resistance near $0.0610 on the 4-hour chart of the DOGE/USD pair. The first major resistance is near the $0.0615 level. It is near the 50% Fib retracement level of the downward move from the $0.0634 swing high to the $0.0593 low. Source: DOGEUSD on TradingView.com A close above the $0.0615 resistance might send the price toward the $0.0635 resistance. The next major resistance is near $0.0650. Any more gains might send the price toward the $0.0685 level. Are Dips Supported in DOGE? If DOGE’s price fails to gain pace above the $0.0612 level, it could start another decline. Initial support on the downside is near the $0.060 level. The next major support is near the $0.0595 level. If there is a downside break below the $0.0595 support, the price could decline further. In the stated case, the price might decline toward the $0.055 level. Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. 4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now near the 50 level. Major Support Levels – $0.060, $0.0595, and $0.0550. Major Resistance Levels – $0.0612, $0.0635, and $0.0650.