Dogecoin (Doge) turns red, is it worth buying?

Dogecoin has begun a new decline from the $0.1850 zone against the US dollar. Doge is currently correcting the loss and could potentially find a facial hurdle of nearly $0.1740.

• Doge Price failed to clear $0.1880 and fixed profit.
• The price is below the $0.1750 level and a simple moving average of 100 hours.
• There is an important bearish trend line where resistance forms at $0.1725 on the time chart of the Doge/USD pair (Kraken data source).
• Clearing the $0.1780 resistance zone could start a new rise in prices.

Dogecoin Price drops again

Dogecoin Price began a new decline as it failed to clear the $0.1880 zone, like Bitcoin and Ethereum. Doge fell below the support levels of $0.1800 and $0.1750.

Finally, we tested the $0.1680 zone. The lowest is formed at $0.1685, and prices are attempting to recover. It rose above $0.170 and rose towards a 23.6% FIB retracement level from 0.1843 $0.1843 Swing High to a low of $0.1685.

DogeCoin Price is currently below the $0.1750 level and a simple moving average of 100 hours. Immediate resistance is close to the $0.1720 level. There is also a key bearish trend line where resistance forms at $0.1725 on the hourly chart of the Doge/USD pair.

The Bulls’ first major resistance is close to the $0.1765 level, with a 50% FIB retracement level ranging from 0.1843 $0.1843 Swing High to a low of $0.1685. The next major resistance is close to the $0.1780 level. If the resistance exceeds $0.1780, the price may be sent towards a $0.1850 resistance. Any further profit could potentially send the price towards the $0.1880 level. The Bulls’ next major stop may be $0.200.

Another reduction in Doge?

If Doge’s price does not rise above the $0.1740 level, it could begin another decline. The initial support for the downside is close to the $0.1685 level. The next major support is close to the $0.1650 level.

The main support is $0.1600. If there is a negative side break below the $0.160 support, the price could drop even further. If stated, the price could decrease to a level of $0.1550 or, in the short term, $0.1450.

Technical indicators

HOURLY MACD – Doge/USD’s MACD is losing momentum in the bear zone.

Hourly RSI (Relative Strength Index) – DOGE/USD’s RSI is below 50 level.

Key support levels – $0.1685 and $0.1650.

Major resistance levels – $0.1740 and $0.1780.