Dogecoin (DOGE) Back Under Pressure, Rebound Chances Face Big Test
Dogecoin started a fresh decline below the $0.1120 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.1085 and $0.1115.
- DOGE price started a fresh decline below the $0.110 level.
- The price is trading below the $0.110 level and the 100-hourly simple moving average.
- There is a bearish trend line forming with resistance at $0.1085 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it stays below $0.1085 and $0.1115.
Dogecoin Price Dips Again
Dogecoin price started a fresh decline after it closed below $0.1120, like Bitcoin and Ethereum. DOGE declined below the $0.110 and $0.1080 support levels.
The price even dipped toward the $0.1050 level. A low was formed near $0.1058, and the price is now showing bearish signs well below the 23.6% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low.
Dogecoin price is now trading below the $0.1085 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.1085 level. There is also a bearish trend line forming with resistance at $0.1085 on the hourly chart of the DOGE/USD pair.
The first major resistance for the bulls could be near the $0.110 level. The next major resistance is near the $0.1115 level and the 50% Fib retracement level of the downward move from the $0.1172 swing high to the $0.1058 low.
A close above the $0.1115 resistance might send the price toward the $0.1132 resistance. Any more gains might send the price toward the $0.1145 level. The next major stop for the bulls might be $0.1720.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1085 level, it could continue to move down. Initial support on the downside is near the $0.1050 level. The next major support is near the $0.1020 level.
The main support sits at $0.10. If there is a downside break below the $0.10 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level or even $0.0820 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 – $0.1050 and $0.1020.
Major Resistance Levels – $0.1085 and $0.1115.
