Dogecoin started a fresh decline below the $0.10 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.0950 and $0.10.
- DOGE price started a fresh decline below the $0.10 level.
- The price is trading below the $0.10 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.0950 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it stays below $0.0880 and $0.0850.
Dogecoin Price Dives Below Support
Dogecoin price started a fresh decline after it closed below $0.1120, like Bitcoin and Ethereum. DOGE declined below the $0.10 and $0.0950 support levels.
The price even traded below $0.0850. A low was formed near $0.080, and the price is now showing bearish signs. There was a recovery wave above $0.0840. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.1007 swing high to the $0.080 low.
Dogecoin price is now trading below the $0.0950 level and the 100-hourly simple moving average. There is also a key bearish trend line forming with resistance at $0.0950 on the hourly chart of the DOGE/USD pair.
If there is a recovery wave, immediate resistance on the upside is near the $0.090 level. The first major resistance for the bulls could be near the $0.0950 level and the trend line. The next major resistance is near the $0.09850 level or the 61.8% Fib retracement level of the downward move from the $0.1007 swing high to the $0.080 low.
A close above the $0.0985 resistance might send the price toward the $0.1050 resistance. Any more gains might send the price toward the $0.1120 level. The next major stop for the bulls might be $0.120.
Another Decline In DOGE?
If DOGE’s price fails to climb above the $0.10 level, it could continue to move down. Initial support on the downside is near the $0.0850 level. The next major support is near the $0.0820 level.
The main support sits at $0.080. If there is a downside break below the $0.0750 support, the price could decline further. In the stated case, the price might slide toward the $0.0720 level or even $0.070 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.0865 and $0.0800.
Major Resistance Levels – $0.0950 and $0.0985.
