Dogecoin extended losses and traded below $0.1120 against the US dollar. DOGE is now stable above $0.100 and trying to recover.
- DOGE price started declining again below the USD 0.1150 and USD 0.1120 levels.
- The price is trading below the USD 0.1120 level and the 100-hour simple moving average.
- A major bearish trendline is forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could rise again if it crosses the USD 0.1120 and USD 0.1175 resistance levels.
Dogecoin price cuts profits
Dogecoin price failed to rise above the USD 0.1320 resistance zone. DOGE reached a high at $0.1320 and started a downward move like Bitcoin and Ethereum.
There was a move below the USD 0.1200 and USD 0.1150 levels. The price even fell below the support at $0.1120. A low was formed at $0.1025 and the price is now consolidating losses. There was a small increase above the USD 0.1060 level.
The Dogecoin price is now trading below the $0.1150 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.1095 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low.
The next major resistance is near the $0.1120 level. A close above the resistance at $0.1120 could send the price towards the resistance at $0.1175. There is also a major bearish trendline forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair.
The trendline is close to the 50% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Any further gains could send the price towards the USD 0.1200 level. The next big stop for the bulls could be $0.1320.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.1095 level, it could trigger another decline. The initial downside support is near the $0.1060 level. The next major support is near the $0.1050 level.
The main support is at $0.100. If there is a downside break below the USD 0.100 support, the price could fall further. In the mentioned case, the price could drop to the $0.0950 level or even $0.0880 in the short 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 now below the 50 level.
Major support levels – USD 0.1060 and USD 0.1000.
Major resistance levels – $0.1095 and $0.1120.