Dogecoin has continued its downward trend, trading below $0.1120 against the US Dollar. However, DOGE has stabilized above $0.100 and is making attempts to recover.
- The DOGE price has initiated further declines past the $0.1150 and $0.1120 thresholds.
- Currently, the price is trading below the $0.1120 mark as well as the 100-hourly simple moving average.
- A significant bearish trend line is in place, with resistance positioned at $0.1175 on the hourly chart of the DOGE/USD pair (data sourced from Kraken).
- If the price surpasses the $0.1120 and $0.1175 resistance levels, it may initiate another upward trend.
Dogecoin Price Reduces Gains
The Dogecoin price was unable to sustain upward momentum past the $0.1320 resistance area. DOGE reached a peak of $0.1320 before commencing a downward trajectory, mirroring movements seen in Bitcoin and Ethereum.
It fell below the $0.1200 and $0.1150 levels, even dipping under the $0.1120 support threshold. A low was recorded at $0.1025, and the price is presently consolidating these losses, with a slight uptick above the $0.1060 level.
Currently, Dogecoin remains below the $0.1150 level and the 100-hourly simple moving average. Immediate resistance lies around the $0.1095 mark, which is near the 23.6% Fibonacci retracement level from the decline between the $0.1320 swing high and the $0.1025 low.
The next significant resistance is close to the $0.1120 level. A close above this resistance could propel the price towards the $0.1175 resistance area. Furthermore, a notable bearish trend line is forming with resistance at $0.1175 on the hourly chart of the DOGE/USD pair.
This trend line is situated near the 50% Fibonacci retracement level from the decline between the $0.1320 swing high and the $0.1025 low. Should the price continue to gain, it may aim for the $0.1200 level, with the next significant target for bulls positioned at $0.1320.
Further Declines in DOGE?
If DOGE’s price cannot break above the $0.1095 level, it may trigger another decrease. The initial support on the downside is around the $0.1060 level, with the next major support near $0.1050.
The primary support level is at $0.100. A breach below this $0.100 support could lead to further declines, potentially guiding the price toward the $0.0950 level or even $0.0880 shortly thereafter.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is currently losing momentum within the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now trailing below the 50 mark.
Major Support Levels – $0.1060 and $0.1000.
Major Resistance Levels – $0.1095 and $0.1120.
Dutch
English
French
German
Greek
Italian
Portuguese
Russian
Spanish