Dogecoin started a fresh decline below the $0.0930 zone against the US Dollar. DOGE is now consolidating losses and might face hurdles near $0.0925 and $0.0938.
- DOGE price started a fresh decline below the $0.0930 level.
- The price is trading below the $0.0920 level and the 100-hourly simple moving average.
- There was a break below a bullish trend line with support at $0.0925 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could extend losses if it stays below $0.0925 and $0.0930.
Dogecoin Price At Risk of More Downsides
Dogecoin price started a fresh decline after it closed below $0.0935, like Bitcoin and Ethereum. DOGE declined below the $0.0932 and $0.0930 support levels.
There was a break below a bullish trend line with support at $0.0925 on the hourly chart of the DOGE/USD pair. The price even traded below $0.0905. A low was formed near $0.0903, and the price is now showing bearish signs. There was a recovery wave above $0.0910, but the price stayed below the 23.6% Fib retracement level of the downward move from the $0.0948 swing high to the $0.0903 low.
Dogecoin price is now trading below the $0.0920 level and the 100-hourly simple moving average. If there is a recovery wave, immediate resistance on the upside is near the $0.0920 level.
The first major resistance for the bulls could be near the $0.0925 level and the 50% Fib retracement level of the downward move from the $0.0948 swing high to the $0.0903 low. The next major resistance is near the $0.0930 level. A close above the $0.0930 resistance might send the price toward the $0.0938 resistance. Any more gains might send the price toward the $0.0950 level. The next major stop for the bulls might be $0.0980.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.0925 level, it could continue to move down. Initial support on the downside is near the $0.0905 level. The next major support is near the $0.090 level.
The main support sits at $0.0880. If there is a downside break below the $0.0880 support, the price could decline further. In the stated case, the price might slide toward the $0.0820 level or even $0.080 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 – $0.0905 and $0.0900.
Major Resistance Levels – $0.0925 and $0.0938.
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