Dogecoin corrected some gains from the $0.0980 zone against the US dollar. DOGE now holds the support at $0.0940 and could target another increase.
- DOGE price started a new downside correction below USD 0.0955.
- The price is trading above the USD 0.0940 level and the 100-hour simple moving average.
- There was a break below a bullish trendline with support at $0.0952 on the hourly chart of the DOGE/USD pair (Kraken data source).
- The price could aim for another increase if it remains stable above $0.0928.
Dogecoin price cuts profits
Dogecoin price started a downward correction after failing to surpass $0.0980 like Bitcoin and Ethereum. DOGE fell below the USD 0.0960 and USD 0.0955 levels.
There was a move below the 38.2% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0978 high. Additionally, there was a break below a bullish trendline with support at $0.0952 on the hourly chart of the DOGE/USD pair.
The price even spiked below $0.0950 before the bulls appeared. The Dogecoin price is now trading above the $0.0940 level and the 100-hourly moving average. The immediate resistance on the upside is near the $0.0955 level.
The first major resistance for the bulls could be near the $0.0980 level. The next major resistance is near the $0.10 level. A close above the USD 0.10 resistance could send the price towards USD 0.1080. Any further gains could send the price towards $0.1120. The next big stop for the bulls could be $0.120.
Lose more at DOGE?
If DOGE price fails to rise above the USD 0.0980 level, it could continue to decline. The initial downside support is near the $0.0940 level or the 50% Fib retracement level of the upward move from the $0.0897 swing low to the $0.0978 high.
The next major support is near the $0.09280 level. The main support is at $0.0880. If there is a downside break below the USD 0.0880 support, the price could fall further. In the mentioned case, the price could slide towards the USD 0.0840 level. Further losses could require a test of $0.080.
Technical indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.0940 and $0.0928.
Major resistance levels – $0.0955 and $0.0980.