Dogecoin started a fresh decline below the $0.1080 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1065 and $0.1075.
- DOGE price started a fresh decline below the $0.1080 level.
- The price is trading below the $0.1075 level and the 100-hourly simple moving average.
- There is a bearish trend line forming with resistance at $0.1075 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it stays below $0.1075 and $0.110.
Dogecoin Price Dips Further
Dogecoin price started a fresh decline after it closed below $0.110, like Bitcoin and Ethereum. DOGE declined below the $0.1080 and $0.1050 support levels.
The price even dipped toward the $0.1020 level. A low was formed near $0.1025, and the price is now showing bearish signs well below the 23.6% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1025 low.
Dogecoin price is now trading below the $0.1065 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1065 level. There is also a bearish trend line forming with resistance at $0.1075 on the hourly chart of the DOGE/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.1127 swing high to the $0.1025 low.
The first major resistance for the bulls could be near the $0.110 level. The next major resistance is near the $0.110 level. A close above the $0.110 resistance might send the price toward the $0.1120 resistance. Any more gains might send the price toward the $0.1190 level. The next major stop for the bulls might be $0.120.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1075 level, it could continue to move down. Initial support on the downside is near the $0.1020 level. The next major support is near the $0.10 level.
The main support sits at $0.0965. If there is a downside break below the $0.0965 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level or even $0.090 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 – $0.1020 and $0.1000.
Major Resistance Levels – $0.1065 and $0.1075.
