Dogecoin started a new decline below the $0.0920 zone against the US dollar. DOGE is now consolidating losses and could face hurdles near USD 0.0910 and USD 0.0920.
- DOGE price started a new decline below the USD 0.0920 level.
- The price is trading below the USD 0.0910 level and the 100-hour simple moving average.
- A bearish trendline is forming with resistance at $0.0910 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could extend losses if it remains below USD 0.0910 and USD 0.0920.
Dogecoin price is at risk of a major downside break
Dogecoin price started to fall again after closing below $0.0932, just like Bitcoin and Ethereum. DOGE fell below the USD 0.0920 and USD 0.0910 support levels.
The price even traded below $0.090. A low was formed near $0.0889, and the price is now showing bearish signs. There was a recovery wave above $0.0900, but the price remained below the 38.2% Fib retracement level of the downward move from the $0.0944 swing high to the $0.0889 low.
The Dogecoin price is now trading below the $0.0910 level and the 100-hourly moving average. If there is a recovery wave, the immediate upside resistance will be around the $0.0910 level.
The first major resistance for the bulls could be near the $0.0920 level and the 50% Fib retracement level of the downward move from the $0.0944 swing high to the $0.0889 low. A bearish trendline is also forming with resistance at $0.0920 on the hourly chart of the DOGE/USD pair.
The next major resistance is near the $0.0932 level. A close above the resistance at $0.0932 could send the price towards the resistance at $0.0950. Any further gains could send the price towards the USD 0.0980 level. The next big stop for the bulls could be $0.10.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.0920 level, it could continue to decline. The initial downside support is near the USD 0.090 level. The next major support is near the $0.0880 level.
The main support is at $0.0850. If there is a downside break below the USD 0.0850 support, the price could fall further. In the mentioned case, the price could slide towards the $0.0800 level or even $0.0750 in the short 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 – USD 0.0900 and USD 0.0880.
Major resistance levels – $0.0920 and $0.0932.