Dogecoin started a fresh decline after the USD 0.0950 resistance against the US dollar. DOGE could extend its decline unless it closes above $0.090.
- DOGE struggled near USD 0.0950 and started a new decline against the US dollar.
- The price is trading below the USD 0.090 level and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair (Kraken data source).
- The price could trigger a recovery wave if it reaches USD 0.090 and USD 0.0950.
Dogecoin price faces major hurdles
Over the past few sessions, Dogecoin price has struggled to break above $0.0920. DOGE remained below the USD 0.095 resistance zone and started a new decline, just like Bitcoin and Ethereum.
There was a sharp decline below the USD 0.0900 and USD 0.0865 support levels. It even tested the $0.0760 zone. A low was formed near USD 0.0760, and the price is now trying to make a recovery wave. There was a move above the USD 0.080 resistance zone.
It cleared the 23.6% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. DOGE is now trading below the $0.090 level and the 100 simple moving average (4-hours). There is also a major bearish trendline forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0875 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. The next major resistance is near the $0.090 level.
Source: DOGEUSD on TradingView.com
A close above the USD 0.090 resistance could send the price towards the USD 0.092 resistance. The next major resistance is near USD 0.095. Any further gains could send the price towards the USD 0.105 level.
More disadvantages in DOGE?
If DOGE price fails to break above the USD 0.0875 level, it could trigger another decline. The initial downside support is near the USD 0.080 level.
The next major support is near the $0.0760 level. If there is a downside break below the USD 0.0760 support, the price could fall further. In the mentioned case, the price could drop to the $0.0710 level.
Technical indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining strength in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major support levels – $0.080, $0.0760 and $0.0710.
Major resistance levels – $0.0875, $0.0920 and $0.0950.
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