Dogecoin has recently extended its losses, trading below $0.1120 against the US Dollar. However, DOGE is currently stable above the $0.100 mark and is making attempts to rebound.
- DOGE price started another decline, falling below the $0.1150 and $0.1120 levels.
- The price is currently trading below $0.1120 and the 100-hourly simple moving average.
- A major bearish trend line is forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- The price could initiate another increase if it surpasses the $0.1120 and $0.1175 resistance levels.
Dogecoin Price Trims Gains
The Dogecoin price struggled to maintain its momentum above the $0.1320 resistance zone. After reaching a high of $0.1320, DOGE began a downward trend similar to Bitcoin and Ethereum. The price saw declines below the $0.1200 and $0.1150 levels, and even dipped under the $0.1120 support.
A low was established at $0.1025, and the price is now in a phase of consolidating its losses. A minor increase was observed above the $0.1060 level. Currently, Dogecoin is trading below the $0.1150 level and the 100-hourly simple moving average.
Immediate resistance on the upside is near the $0.1095 level, which aligns with the 23.6% Fibonacci retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. The next significant resistance is near the $0.1120 level. A close above this level could push the price towards the $0.1175 resistance. Additionally, a major bearish trend line with resistance at $0.1175 is visible on the hourly chart of the DOGE/USD pair.
The trend line is near the 50% Fibonacci retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Further gains might propel the price towards the $0.1200 level, with the next major stop for the bulls potentially being $0.1320.
More Losses In DOGE?
If DOGE fails to rise above the $0.1095 level, it could face another decline. Initial support on the downside is near the $0.1060 level, followed by significant support near the $0.1050 level. The primary support is situated at $0.100. A break below this level could lead to further declines, potentially driving the price towards $0.0950 or even $0.0880 in the near term.
Technical Indicators
Hourly MACD
The MACD for DOGE/USD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index)
The RSI for DOGE/USD is currently below the 50 level.
Major Support Levels
$0.1060 and $0.1000
Major Resistance Levels
$0.1095 and $0.1120
