-Dogecoin has recently declined below the $0.070 support against the US Dollar.
-The price is trading below the $0.0700 zone and the 100 simple moving average (4-hours).
-There is a key bearish trend line forming with resistance near $0.0698 on the 4-hours chart of the DOGE/USD pair.
Dogecoin has been on a downward spiral in the past few days. After a steady decline from the $0.080 resistance zone, the cryptocurrency was pushed below the $0.0720 support level and then the $0.070 mark. The price is now trading below the $0.0700 zone and the 100 simple moving average (4-hours). On the 4-hours chart of the DOGE/USD pair, there is a bearish trend line forming with resistance near $0.0698. This is a key barrier for the bulls, and if they are unable to break above this level, then the price could continue to move lower.
The first major support is near the $0.067 level, and if the bears break this level, then the price could drop to the $0.0620 support zone. On the upside, the first major resistance is near the $0.0700 level, and above this, the price could retest the $0.073 resistance. This is near the 50% Fib retracement level of the downward move from the $0.0795 swing high to $0.0667 low.
If the price fails to break above the $0.072 and $0.073 resistance levels, then it could resume its downward move. The next major support is near the $0.062 level, below which the price is likely to break the lower boundary of the triangle pattern. To start a fresh increase, the price must break the $0.072 and $0.073 resistance levels. Until then, it will most likely trade in a range between the $0.062 and $0.073 levels.