Dogecoin corrected some gains from the $0.1050 zone against the US Dollar. DOGE is now holding the $0.10 support but could extend losses.
Dogecoin price started a downside correction after it failed to surpass $0.1050, like Bitcoin and Ethereum. DOGE declined below the $0.1035 and $0.1020 levels.
There was a move below the 50% Fib retracement level of the upward move from the $0.0968 swing low to the $0.1048 high. The price even spiked below $0.10 before the bulls appeared. Besides, there is a bearish trend line forming with resistance at $0.1020 on the hourly chart of the DOGE/USD pair.
Dogecoin price is now trading below the $0.1015 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1020 level. The first major resistance for the bulls could be near the $0.1036 level. The next major resistance is near the $0.1050 level.
A close above the $0.1050 resistance might send the price toward $0.1088. Any more gains might send the price toward $0.1120. The next major stop for the bulls might be $0.1150.
If DOGE’s price fails to climb above the $0.1020 level, it could continue to move down. Initial support on the downside is near the $0.10 level. It is close to the 61.8% Fib retracement level of the upward move from the $0.0968 swing low to the $0.1048 high.
The next major support is near the $0.0985 level. The main support sits at $0.0965. If there is a downside break below the $0.0965 support, the price could decline further. In the stated case, the price might slide toward the $0.0920 level. Any more losses might call for a test of $0.0880.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1000 and $0.0965.
Major Resistance Levels – $0.1020 and $0.1050.
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