Market
Dogecoin (DOGE) Falls to Support: Can It Avoid a Breakdown?
Dogecoin extended losses and traded below $0.1120 against the US Dollar. DOGE is now stable above $0.100 and attempting a rebound.
- DOGE price started another decline below the $0.1150 and $0.1120 levels.
- The price is trading below the $0.1120 level and the 100-hourly simple moving average.
- There is a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start another increase if it clears the $0.1120 and $0.1175 resistance levels.
Dogecoin Price Trims Gains
Dogecoin price failed to continue to higher above the $0.1320 resistance zone. DOGE formed a high at $0.1320 and started a downward move like Bitcoin and Ethereum.
There was a move below the $0.1200 and $0.1150 levels. The price even dipped below the $0.1120 support. A low was formed at $0.1025 and the price is now consolidating losses. There was a minor increase above the $0.1060 level.
Dogecoin price is now trading below the $0.1150 level and the 100-hourly simple moving average. 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 $0.1120 resistance might send the price toward the $0.1175 resistance. There is also a major bearish trend line forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $0.1320 swing high to the $0.1025 low. Any more gains might send the price toward the $0.1200 level. The next major stop for the bulls might be $0.1320.
More Losses In DOGE?
If DOGE’s price fails to climb above the $0.1095 level, it could start another decline. Initial support on the downside is near the $0.1060 level. The next major support is near the $0.1050 level.
The main support sits at $0.100. If there is a downside break below the $0.100 support, the price could decline further. In the stated case, the price might decline toward the $0.0950 level or even $0.0880 in the near 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 – $0.1060 and $0.1000.
Major Resistance Levels – $0.1095 and $0.1120.
