Dogecoin corrected some gains from the $0.0980 zone against the US Dollar. DOGE is now holding the $0.0920 support and remains at risk of more losses.
- DOGE price started a fresh downside correction below $0.0950.
- The price is trading above the $0.0920 level and the 100-hourly simple moving average.
- There is a bullish trend line forming with support at $0.0932 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could aim for a fresh increase if it remains stable above $0.0920.
Dogecoin Price Dips Again
Dogecoin price started a downside correction after it failed to surpass $0.0980, like Bitcoin and Ethereum. DOGE declined below the $0.0960 and $0.0950 levels.
There was a move below the 50% Fib retracement level of the upward move from the $0.0903 swing low to the $0.0980 high. The price even spiked below $0.0930 before the bulls appeared. Dogecoin price is now trading above the $0.0920 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.0932 on the hourly chart of the DOGE/USD pair.
Immediate resistance on the upside is near the $0.09430 level. The first major resistance for the bulls could be near the $0.0952 level. The next major resistance is near the $0.0965 level.
A close above the $0.0965 resistance might send the price toward $0.0980. Any more gains might send the price toward $0.0988. The next major stop for the bulls might be $0.10.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.0952 level, it could continue to move down. Initial support on the downside is near the $0.0932 level and the trend line.
The next major support is near the $0.09220 level or the 76.4% Fib retracement level of the upward move from the $0.0903 swing low to the $0.0980 high. The main support sits at $0.090. If there is a downside break below the $0.090 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level. Any more losses might call for a test of $0.0850.
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 – $0.0920 and $0.0900.
Major Resistance Levels – $0.0952 and $0.0965.
