Dogecoin, after reaching $0.400, started a downside correction against the US Dollar, trading below key resistance levels of $0.3520 and $0.3550. DOGE price dropped below $0.3800 and $0.3650, even spiking below $0.350 before consolidating losses.
With major bearish trend lines on the hourly DOGE/USD chart, Dogecoin is currently consolidating at a lower value. Immediate resistance levels are at $0.3520, $0.3550, and a significant obstacle at $0.3720. Further growth depends on overcoming these resistances to potentially reach $0.420.
If these obstacles are not surpassed, DOGE risks another decline, with support levels noted at $0.3420, $0.3380, and critical support at $0.3250. A breach below $0.3250 could see DOGE's value dip further to $0.3020 or $0.300.
Technical indicators signal a bearish trend with the Hourly MACD gaining bearish momentum, while the RSI remains below the 50 threshold. Key support and resistance are identified at $0.3400, $0.3380, $0.3550, and $0.3720, respectively.
