Dogecoin has experienced a decline, falling below the critical support level of $0.400 against the US Dollar. The cryptocurrency is now consolidating and aiming for a potential rebound above the $0.4050 mark.
DOGE is facing resistance as it trades below the $0.4050 threshold and the 100-hourly simple moving average. The recent price movement saw Dogecoin dip below the $0.4020 and $0.400 support levels, reaching a low of $0.3963. Although DOGE has recovered slightly and surpassed the 23.6% Fibonacci retracement level, immediate resistance at the $0.4025 level could hinder further upward momentum.
Technical indicators suggest caution, with the hourly MACD losing momentum and the RSI dipping below 50. Support levels are critical, with initial support near $0.3980 and a more significant level at $0.3950. Failure to break above the $0.4050 resistance could lead to further declines, with the main support level at $0.3750. However, if DOGE can clear the resistance levels, a rally could occur, with the next major resistance near $0.4095.
A connecting bullish trend line with support at $0.3950 adds optimism, but challenges remain. Dogecoin's performance could influence sentiment across the broader crypto landscape, and investors should monitor key resistance and support levels to determine its trajectory.